Bankinter : In January of this year, its stake was 15%. In the last nine months it has acquired an additional 1% of the capital. IFM consolidates its position as the fourth largest shareholder in Naturgy, after La Caixa, which through Criteria holds 26.7%; CVC which, in its latest communication in June, states that it holds 20.715%; and GIP, with just over 20%. Part of the shares held by CVC are held through a shareholders’ agreement with Corporación Alba, the holding company controlled by the March family. IFM now has a director in Naturgy. The 16% gives it the right, arithmetically, almost to ask for another one. It will thus equal CVC and GIP. La Caixa maintains three directors.
Opinion of Bankinter’s analysis team: IFM broke into Naturgy’s capital in 2021, after a partial takeover bid for the company in which it obtained just over 10% of the capital. Since then, it has been progressively climbing positions in the shareholding, in a permanent trickle of acquisitions.
Its 16.023% stake is worth €3.7 billion on the stock market. In July, La Caixa’s negotiations with the United Arab Emirates’ Taqa group to launch a takeover bid for Naturgy were frustrated. This takeover bid would have opened an exit door for CVC and GIP, which no longer deny the possibility of exiting the shareholding. Criteria expressed its intention to continue looking for alternatives.
The market awaits further corporate moves in Naturgy. With these recent acquisitions, IFM strengthens its position in the capital in view of the possibility of future changes in the shareholding. In Taqa’s negotiations with CVC and GIP, a range of between €25 and €30/share was considered , with the possibility of a consensus around €27/share.
