The Australian investment fund IFM has launched by surprise a takeover bid for the Spanish electricity company Naturgy valued at 5,060 million euros in cash to acquire 22.7% of the group.
The company has already submitted its offer to Naturgy’s board of directors and now has one month to present the brochure with all the necessary information to the National Securities Market Commission (CNMV). The purchase price of the shares is 23 euros, almost four euros above the closing price of the electricity company yesterday Monday. This represents a premium of 19%.
The fund considers that this is a “fair price” for its shareholders and marks the only requirement for its offer to be carried out that it be accepted by at least 17% of the shareholders.
The operation was notified in advance to the two large investment funds that own Naturgy CVC y GIP. They assure that they will not sell any of their securities to IFM – between them they account for 41% of the capital – although they do commit in a letter sent this Monday to the opante group that they will proceed to a rapid restructuring of the board administration of the electricity so that IFM can appoint its own managers.
With the funds out of the game, the offer goes to the rest of the capital they control Criteria and minority shareholders. The Catalan financial holding company owns 24.4% of the energy securities, 20.7% directly and the rest indirectly.
IFM also ensures that it is preparing the documentation to request prior authorization from the Government, which, as it is a strategic group, has to approve the operation in the Council of Ministers. The bidder will forward all the information to the General Directorate of International Trade and Investments of the Ministry of Industry, Trade and Tourism in the coming days. Reyes Maroto.
Naturgy has received the offer with a rise in its shares close to 20%, matching its price with the price set by IFM. The company has assured the CNMV that it learned of the offer this morning and argues that it is an “unsolicited” operation. In any case, the electricity company explains that its board of directors will pronounce “when it deems it appropriate and, in any case, when it is legally mandatory”. For his analysis, he has signed the investment bank Citi and to the firm Freshfields.
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