After a suspension of Naturgy’s trading for over two hours by the National Securities Market Commission (CNMV), Emirati energy group TAQA has made a step forward in its intentions to acquire the Spanish gas company. In a relevant statement sent to the regulator, TAQA confirmed that it is holding conversations with CriteriaCaixa and funds CVC and GIP regarding a possible acquisition of their shares in Naturgy.
If such an acquisition were to occur, a public takeover offer would need to be made for the entire capital, as both funds hold more than 20% of the shares respectively, and the 30% limit set by law to launch a takeover bid. However, TAQA clarifies that no agreements have been reached with CriteriaCaixa or GIP, and there is no guarantee that any operation will be implemented or certainty about the terms. The company also acknowledges that there has been no direct approach to Naturgy by their company.
The CNMV suspended trading after information about a possible takeover bid by TAQA and negotiations with the main shareholder funds was received. The negotiations between TAQA and Naturgy shareholders have been ongoing for some time now, but TAQA has kept much of this under wraps due to confidentiality requirements. While CriteriaCaixa has confirmed their involvement in the operation, other shareholders are yet to disclose their details publicly. It remains uncertain if other funds like IFM and Sonatrach will participate in the takeover bid.
TAQA is an energy company based in Abu Dhabi that operates in 11 countries worldwide, including Canada, the United States, Morocco, India, and Spain. The company was established in 2005 and listed on the stock exchange for almost two decades now. If an acquisition were to occur, it would involve administrative authorizations and regulatory reports from various government agencies.
The potential acquisition may have significant implications for both companies involved as well as other stakeholders such as investors and customers. It could also impact broader trends in the gas market due to changing market conditions and increasing competition from alternative energy sources like wind and solar power. As such, it is essential for regulators like CNMV to carefully evaluate any potential takeovers before granting approval or imposing conditions on them.
Overall, while corporate operations like these can bring significant benefits such as increased efficiency and profitability for companies involved, they can also have unintended consequences that affect broader markets and communities alike. Therefore, it is crucial for all stakeholders involved in such operations – regulators, investors, employees – to work together towards ensuring transparency
