The Australian fund IFM has changed the price of its voluntary partial public offer for the acquisition of Naturgy shares from 23 to 22.37 euros per share. This reduction is a consequence of the dividend paid by the company to its shareholders, as reported by the firm to the National Securities Market Commission (CNMV). On March 9, the Naturgy board approved the payment of that last tranche of the dividend charged to 2020 on March 17, of 0.63 euros per share, up to 1.44 euros per committed share.
This modification, which reduces the amount that IFM is willing to pay for 22.69% of the energy company to about 4,921 million euros, is included in the prospectus presented to the CNMV. Likewise, it is indicated that, in accordance with the terms of the offer, if Naturgy made or declared any other distribution of dividends or reserves, return of capital or any other type of distribution to its shareholders, whether ordinary, extraordinary, on account or In addition, the price will be reduced by an amount equivalent to the gross amount per share of the distribution, “provided that the date of publication of the result of the offer in the trading bulletins coincides or is after the ex-dividend date.”
The operation, in addition to the approval of the CNMV, must have the authorization of the Council of Ministers, due to the shielding regulations approved last year by the Government due to the covid-19 crisis, which allows the Executive to veto the purchase by an extra-community investor of more than 10% of a Spanish company in a strategic sector.
The effectiveness of the offer is subject, in addition to receiving the corresponding regulatory and competition authorizations, to reaching a minimum level of acceptance of at least 17% of the capital stock of the energy company chaired by Francisco Reynés.
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