Commission approves automated trading for energy firm Naturgy
The National Securities Market Commission (CNMV) has approved a self-initiated partial takeover bid by Naturgy, with the aim of reducing the influence of major shareholders and enhancing market presence. The proposal was put forth by the company on March 26th. It was accepted for processing on April 1st.
Naturgy seeks to acquire up to 88 million shares, equating to about 9.08% of its share capital. These shares are traded on the Madrid, Barcelona, Bilbao, and Valencia stock exchanges, integrated into the Spanish Stock Exchange Interconnection System.
The bid offers a price of 26.5 euros per share, payable in cash. This price was determined by the company itself. The acceptance period for the offer will be announced when Naturgy publishes the required shareholder notice, following procedures outlined in Royal Decree 1066/2007.
The board of Naturgy approved the 'self-tender' for a value of 2.332 billion euros, with over 99% support from shareholders at an April meeting. The move aims to keep Naturgy holding 10% of its own shares. If successful, this could potentially facilitate the company's re-entry into major stock market indices such as the MSCI (Morgan Stanley Capital International).
The energy company operates in natural gas processing, transportation, and distribution, as well as electricity production and distribution, across various regions, including Europe, Spain, and Latin America.
Past offers targeting Naturgy's shares, like the one by IFM GIF in 2021, demonstrate continuous investor interest in the company, often driven by long-term strategic plans centered on value creation and energy transition.
[1] Spanish Securities Market Commission (CNMV) website: https://www.cnmv.es/[2] Naturgy website: https://www.naturgy.com/[3] Bloomberg report on Naturgy: https://www.bloomberg.com/[4] MSCI website: https://www.msci.com/[5] Information about IFM GIF's Naturgy shares offer: https://www.bloomberg.com/news/articles/2021-04-20/ifm-to-acquire-22-6-of-naturgy-stake-in-e-5-billion-bid
- The proposed self-tender by Naturgy, aiming to acquire up to 88 million shares and reduce the influence of major shareholders, could potentially have an average impact on the company's finance, considering the total value of 2.332 billion euros.
- Given that the Madrid, Barcelona, Bilbao, and Valencia stock exchanges have trading shares of Naturgy, an increase in share ownership by the company might bring changes to the average finance of these markets.
