In the wake of the suspension of Naturgy’s trading for over two hours by the National Securities Market Commission, TAQA has taken a step towards acquiring the Spanish gas company. According to a statement sent to the supervisor, TAQA is holding discussions with CriteriaCaixa and two other entities regarding a possible acquisition of shares in Naturgy. If an acquisition were to occur, a public takeover offer for the entire capital would need to be made as both funds (CVC and GIP) have more than 20% of the shares respectively, exceeding the 30% limit set by law to launch a takeover bid.
However, TAQA has clarified that no agreement has been reached with Criteria, CVC or GIP and there is no guarantee that any operation will be implemented. There has been no approach to Naturgy by TAQA. The CNMV had suspended trading of Naturgy shares following information about a possible takeover bid by TAQA and negotiations between the main shareholder funds and the potential buyer. The suspension was lifted after TAQA communicated with the CNMV, leading to an increase in Naturgy shares.
TAQA is an energy group with operations in various countries including Spain, and has been listed on the stock exchange for 19 years. The potential acquisition of Naturgy by TAQA has raised questions about the future of the company and its shareholders. The negotiations between the parties involved are ongoing, and their outcome remains uncertain. Regulatory bodies such as CNMV and CNMC will have to review this transaction before any approval can be given for it to proceed.
The liquidity of Naturgy’s shares coupled with market conditions has influenced these negotiations between parties involved. This could affect not only Naturgy but also other companies listed on stock exchanges worldwide.
In conclusion, while there are still many uncertainties surrounding this acquisition deal, it’s clear that regulatory bodies will play a crucial role in determining whether it goes through or not.