Blackrock commits not to take Naturgy private in the next three years

The Blacrock fund has undertaken not to present to the board of directors or the general meeting of shareholders of Naturgynot promote or sponsor any proposal for the exclusion of trading of the energy company’s shares on the Spanish Stock Exchanges during the next three years after the closing of the purchase of the fund manager GIP, owner of 20.641% of the share capital of the energy company .

In this way, the American manager has assumed one of the requirements set by the Government on September 17 to approve this operation, in line with the guarantees required for strategic companies such as Naturgy.

As reported this Monday by Naturgy to the National Securities Market Commission (CNMV)Blackrock has made another series of commitments such as the maintenance of a significant part of the group’s workforce in Spain during the five years following the closing of the operation.

The manager also will maintain the registered office and the effective headquarters of the management and direction of the businesses in Spaina prudent dividend policy, and an external debt policy aimed at maintaining Naturgy’s investment grade credit rating and allowing the debt ratios of its regulated subsidiaries in Spain to not be higher than those recommended by the National Commission of the Markets and Competition (CNMC).

In general, Blackrock is committed to “supporting Naturgy’s investment in projects linked to the energy transition in Spain that contribute to generating long-term value, are sustainable and conform to market standards in terms of profitability and risk profile.” “.

Likewise, it will not be presented to the board of directors or the general meeting of shareholders of Naturgy, nor will it be promoted or sponsored. no divestment proposal (different from those reflected in Naturgy’s strategic plan) that entails a loss of control of the subsidiaries by Naturgy that could put at risk “the proper functioning of the transportation and distribution activities of electrical energy and natural gas in Spain.” .