The Naturgy Energy Multinational plans to give green light on Tuesday, March 25 to its voluntary OPA over 10% of the capital at the General Shareholders’ Meeting that will celebrate that day in Madrid, an offer for a maximum amount of 2,332 million euros.
On March 13, energy received the commitments to go to the OPA by its great shareholdersso that once the Board authorizes this auto-OPA, Naturgy can already request authorization to carry it to the National Securities Market Commission (CNMV).
The company announced this OPA for 10% of the capital on February 20, the same day that it communicated its Results of 2024 and its strategic plan until 2027.
Naturgy intends to acquire 88 million shares at 26.50 euros per titlewhich places the maximum amount of the OPA in those 2,332 million euros mentioned.
The offer extends to the acquisition of that maximum of 88 million of own shares of Naturgy, representative of 9.08 % of the capital, but does not address the 8.8 million of own shares that Naturgy has in coach and that represent 0.916 % of its share capital.
An operation to increase floating capital
The energy has justified the OPA in order to increase floating capital, that is, the portion of Company shares that are negotiated freely in the marketand for this it will be slightly weight in capital to its main shareholders.
Currently, the reference shareholders Naturgy are first Criteria Caixa, with 26.7%; CVC, with 20.7% of the capital; GIP, with 20.6%, and the Australian IFM, with 16.9%, while Algerian Sonatrach has 4.1%, so floating capital is only 10%, since there is a 0.9%motorway.
In February, the president of Naturgy, Francisco Reynés, has already guaranteed that all reference shareholders would go and that they would do so proportionallyin order to facilitate Naturgy to place its floating capital above 15 % to be able to become part of the MSCI stock indices, reference for institutional investors such as funds.
The voluntary OPA does not require the authorization of the European Commission or the CNMC, and Naturgy has already said that once obtain the guarantee of the Board will submit the request for authorization of the OPA before the CNMV “As soon as possible.”
The multinational hopes that, from there, the CNMV of Green Light to the offer in A couple of months, Around June, so that the OPA is completed before the summer.
Expansion of the Council from 12 to 16 members
The other prominent point of the Board that will be held on Tuesday is the modification of the company’s social statutes of the current 12 to 16.
In this way, Naturgy reorganizes the Council to grant a second representative to the Australian Fund ifm, which adds a 16.9% of the capital, A movement that in turn entails that criteria has four counselors and that the CVC and GIP funds have three each.
Of the 16 representatives, there will be now 12 Sundays (Four of criteria, three of GIP, three of CVC and two of IFM) and there will continue to be three independents and an executive, which is Francisco Reynés, the president of the company.
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