IFM is already close to 14% of Naturgy’s share capital | comp

Australian fund IFM has continued its surge in Naturgy’s capital and has already reached nearly 14% of the company’s shares, according to the energy company’s first half financial report.

Specifically, at the end of June, the IFM position in the capital of Naturgy reached 13.9%, which strengthened its position as its fourth largest shareholder. The value of this participation, at current market prices, is approximately 3,900 million euros.

IFM’s last major move in the Naturgy contribution was known at the end of last March, when the fund increased its participation by almost 1.3% to 13.38%.

IFM launched a partial takeover offer of Naturgy in January 2021 with the aim of acquiring 22% of the company’s share capital. The offer was responded to by CriteriaCaixa’s decision to consolidate its stake in Naturgy, increasing its participation in various purchases in the market to currently 26.7% and looking to reach 30%. Finally, the acceptance of the partial takeover offer from IFM remained at 10.83% of the capital.

Since then, the Australian Fund has introduced Various stock purchase transactions To gain weight and exercise his right to appoint a counsellor.

And so, last February, Jaime Siles joined Naturgy’s board of directors as an IFM representative, within the energy company’s reorganization of its board.

Criteria, the holding company of La Caixa, remains the major shareholder in Naturgy, with 26.7% of the share capital, followed by CVC (20.7%) and GIP (20.6%). The Algerian state-owned company is the fifth shareholder in the group with a 4.1% stake.

Gemini Project

Last February, before Russia invaded Ukraine, Naturgy announced its plan to split into two companies, one that would pool the company’s regulated assets (NetworksCo) and the other freelance business (MarketsCo), where it is known as Project Gemini.

Initially, the company’s roadmap was to close the operation this year, although last March, on the occasion of the general meeting of shareholders of the group, the president of Naturgy, Francisco Renes, already stated that the decision on the timing of the operation depends on factors such as market conditions, regulatory vision, and ratings. Administrative licenses and permits.

In this regard, Naturgy indicated in its financial report for the first half of the year, that it continues to monitor the progress of all analyzes of the project, “which so far confirm its relevance and strategic sense.”

However, he maintains that the current volatility in the markets, the evolution of the European energy situation, and the multiple regulatory uncertainties that remain pending until exactly is known “advise to adapt the implementation schedule to the development of events.”