The MFI takeover on NaturgyIt is adding allies within the Government. If until now it had the approval of the Vice President of Economic Affairs, Nadia Calviño, in the last hours seems to be closer the support of the Ministry of Industry, with Reyes Maroto in front, and the vice president of Ecological Transition, Teresa Ribera, and the three could begin to change the balance in the balance in favor of convincing the rest of the Executive to give the go-ahead to the operation.
Until now, the majority position within the Council of Ministers was against the acquisition, although as it progresses EconomÃa Digital, Industry is finalizing a technical report on the takeover bid that supports the position defended by the Australian fund. In other words, their will is long-term and their objective is the permanence and continuity of the Spanish company.
The commitment of IFM Global Infrtaestructure Fund is to reach 22.69% of the capital of the energy company chaired by Francisco Reynà © s, which in principle would not give it control as the capital is in the hands of shareholders with relevant percentages. Together with the Government, La Caixa, with 24.8% of the securities, is the one who may also hold the key to the operation, since CVC Capital Partners and GIP, with 41.3% of the securities, they have announced that they will not sell their packages.
Another obstacle to the operation is the position of United We Can, contrary to allowing a foreign investor to enter a strategic company. However, the departure of Pablo Iglesias as Vice President of the Government in view of his imminent leap into autonomous politics in Madrid would mean the elimination of one more obstacle along the way.
The offer for 22.69% of the capital stock is valued at about 5,060 million euros at the rate of 23 euros per title. The Chairman of Naturgy has declared, both in the presentation of the results and in the recent shareholders’ meeting, that the IFM takeover bid does not disrupt the company’s strategic plans. The management team has yet to present its new strategic plan, something that it will do when the entry or not of the Australian fund in the capital of the company has been resolved.
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