Banc Sabadell: The Council of Ministers approved the entry of Blackrock in Naturgy (NTGY) after the purchase of GIP (20% NTGY) last January with the guarantees established for strategic companies. Although Blackrock would have requested the possibility of assessing a future delisting or analysing a sale of assets (such as the one included in the Gemini Project), it would have been denied. It will have to face the same conditions that were required of IFM in the partial takeover bid of 2021. Among others, these are: support for investment in projects linked to the energy transition in Spain; maintaining the registered office, the effective management headquarters and the management of the business in Spain; a significant part of the workforce being in Spain and a prudent dividend policy.
Assessment: This news is in line with expectations and, in any case, once again highlights Naturgy’s difficulty in making significant strategic changes in the next strategic plan that it intends to present at the end of the year. Other reference shareholders are Criteria Caixa (26.708%), CVC (20.71%) and IFM (15.01%).
