On February 20, in a movement that took everyone by surprise, the president of Naturgy, Francisco Reynésannounced that the company would buy 10% of the company’s capital for its motor trafficking. The objective, later, would be to return that volume … From market actions to generate greater liquidity, a stock market that has been dragging the company for months. Thus the Autoopa began, with the consent of its main shareholders and that, in turn, would bring some peace. However, hours before the shareholders meeting where everything was going to vote, a new meeting between CRITIA CAIXAmaximum shareholder, and the Emiratí Taqa.
This meeting has not altered the result of the Board of Shareholders, which also had the blessing of its main partners: the criteria itself, CVC, Blackrock and IFM. But it has re -incorporated an element of tension into the shareholders.
On the shareholders meeting held on Tuesday morning, said selfopa of 2,332 million euros has been approved about about 10% of its capital to raise its ‘free-float’ (floating capital) in the environment of 15%. Now the operation will be executed during the next months to achieve that important goal for the Spanish gas.
In addition, the accounts of 2024 have been approved at the Board, an exercise in which it won 1,901 million euros, and has been given Green light to a complementary dividend of 0.6 euros that will be charged on April 9, with which the company will pay charged to the results of 2024 a total of 1.6 euros per share, compared to the 1.4 initially scheduled.
Dividends, more liquidity in the market and, even, an agility within the share capital to promote possible outputs of the shareholders. It seemed that the funds had everything, but nothing is further from reality, a handful of hours before the Shareholders’ Board leaked a meeting between Criteria and Taqa.
Specifically, the business holding of La Caixa would have had first level contacts with the Energy Energy Company. The objective would have been to resume some formula for Taqa to enter Naturgy’s shareholders.
From Critiaia Caixa declines to comment on the meeting that the president of Taqa would have had, Mohamed Hassan Alsuwaidiand representatives of the main shareholder of the Spanish Gasista company. As explained by Bloomberg, Criteria would be in an open position of dialogue provided that some conditions are given in the operation. The financial arm of La Caixa has put as a rule that Taqa, in no case, will be a majority shareholder. This would be an important point, since last year the Emirati group was going to take control along with the criteria itself.
From the Catalan ‘Holding, they would also have asked that diplomatic conflicts with Algeria, one of Naturgy’ strategic partners should not give, through Sonatrach, for natural gas supply. And, most importantly, that criteria would never lose control of the Spanish gasist in case Taqa wants to be a shareholder. However, the information indicates that, again, there is no certainty that all this goes ahead.
After these movements, the only certainty is that Critiaia Caixa, as he promised, is still in the active search for partnersalthough now the positions of each partner are different after the autoopa that has caused the funds to dilute their participation. Something that could fit into the arrival of Taqa, although it would have to be at the expense of CVC, Blackrock or IFM. Otherwise it would return to the starting point.
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