The CNMV, the Spanish stock market regulator, has decided to suspend Naturgy’s trading this Wednesday shortly after the opening of trading, pending the dissemination of relevant information about the entity, as reported in a statement.
As La Vanguardia announced this Monday, the Criteria holding company is negotiating the entry into Naturgy of Taqa, a group from the United Arab Emirates, with the acquisition of around 40% of the capital. The shares of the company chaired by Francisco Reynés soared up to 8% yesterday in the market after Criteria confirmed the existence of the negotiations and this Wednesday they were trading at 21.80 euros per share.
In these circumstances, Taqa should pay at least 10,000 million euros to acquire the 40% that is in the hands of the CVC and GIP funds, which would be the ones selling.
The entry of Taqa would imply the launch of a share acquisition offer (takeover bid) for 100% of the capital, since the law requires this to be done when it exceeds 30% or the majority of the board of directors is controlled, both circumstances that are They would comply in the event that an agreement is finally signed in two negotiation tracks, on the one hand between Taqa and the CVC and GIP funds, and on the other, between the Abu Dhabi investor and Criteria.
