Naturgy soars its stock market value. Its shares trade with a rise of more than 7.5% on the day, to 24.7 euros per share after the takeover offer (takeover) of the Australian fund IFM get ahead after achieving the minimum threshold of 10% that had been imposed. Regarding the price of the takeover bid, 22.07 euros, it revalues almost 12%.
The National Securities Market Commission (CNMV) suspended the listing of Naturgy before publishing the result of the takeover bid when the price of its shares rose 0.3% to 23.02 euros. Regarding the offer, its last price was 4.3% higher. So far this year, the value has risen almost 30%.
According to the current value of Naturgy, the package of shares that the Australian fund has achieved is worth 2,318 million euros, compared to the more than 22,252 million euros of its market capitalization. In total, more than 105 million shares have been sold at a price of 22.07 euros.
The takeover bid that it launched was aimed at 22.7% of Naturgy’s capital and its effectiveness was conditioned on the acceptance of a minimum of 164.8 million shares, representing 17% of the capital, although the fund agreed to reduce the percentage to 10% as has finally happened. The acceptance period began on September 9 and ended last Friday, October 8.
The result of the operation involves the entry of IFM into the capital of the company. The largest shareholder of is Criteria Caixa, which maintains 26.3% of the capital. The holding company controls the percentage of the shares compared to the 24.8% it had in January when IFM was presented on the Spanish stock market with 5,000 million euros to invest in Naturgy. Rioja Bidco, the company that groups CVC with the March family (Corporación Alba), is the second largest shareholder with 20.7%, while the American GIP owns 20.6%.
These two funds have signed an agreement with IFM in which they agree not to sell shares in the takeover bid, but also to promote the inclusion of Australians in the board of directors of the Spanish energy multinational. After the result of the takeover bid, with an acceptance percentage of 10.8%, the ‘free float’, securities that are freely traded on the stock market and are not held captive by a significant shareholder, is reduced to 8%, unless one of the relevant shareholders has attended the tender offer.
A “prudent” dividend
One of the points of conflict between IFM and Criteria, the main shareholder, was the Naturgy dividend, after the fund was willing to review the remuneration policy. Now, he has once again stressed that “he will actively support Naturgy to help complete its long-term vision”, based, among others, on “a prudent dividend proposal, in line with the new dividend reduction policy included in the 2021-2025 Strategic Plan, or even potentially a lower dividend if necessary. “
After the result, which IFM values as “positive”, Kyle mangini, Global Head of Infrastructure at IFM Investors, said they are “looking forward to working closely with Naturgy’s shareholders to get the company to implement its latest strategic plan, which involves helping to turn Naturgy into a key player in the energy transitionIn addition, he added that Naturgy “fits perfectly into IFM GIF’s strategy of investing long-term in critical assets with strong, recurring and regulated cash flows.”