IFM Investors’ offer for up to 220 million shares or 22.689 per cent of the share capital for Spanish company Naturgy has been given the green light.
“We welcome the decision of the Spanish Government, and we look forward to continuing to work closely with the CNMV on the final clearance of the offer and the prospectus,” IFM Investors chief executive David Neal said.
“We believe this is positive news for Naturgy, its stakeholders, the future of the Spanish energy market, and for millions of workers that invest through their pension funds with IFM.”
Originally pitched in January, IFM put forward a $7.9 billion offer for up to 220 million shares or 22.689 per cent of Naturgy’s share capital.
“The conditions of the Government’s authorisation follow a very constructive institutional dialogue and are aligned with our plans for Naturgy, which include a commitment to support the development of an industrial plan for the company that will help make Naturgy a key player in the energy transition,” Mr Neal said.
“We see Naturgy as a company whose strategic direction and position as a global, diversified company is firmly aligned with our core investment principles and objectives.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
