Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Spain
  4. Bolsas y Mercados Espanoles
  5. CaixaBank, S.A.
  6. News
  7. Summary
    CABK   ES0140609019


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

CaixaBank S A : IFM receives approval from Spanish supervisor to buy 22.7% of Naturgy

09/08/2021 | 07:06am EDT

* CNMV says IFM bid has met all conditions from Spanish government

* IFM has five days to make its public announcement of its bid

* Naturgy shareholders have 30 days to accept bid (Adds analysts, reaction from IFM and source, Naturgy's shareholder structure, details from prospectus)

MADRID, Sept 8 (Reuters) - Australian fund IFM on Wednesday received the approval from Spain's market supervisor to acquire a 22.69% stake in Spanish energy group Naturgy, setting the clock ticking to launch the 4.9 billion euros ($5.79 billion) transaction.

IFM has up to five days to make a public announcement. Once the bid and its conditions have been announced publicly, Naturgy shareholders would then have 30 days to tender their shares.

In August, the government approved the partial takeover bid of IFM on the condition it would protect jobs, investment and the supply of gas and electricity.

CNMV, as the supervisor is known, said in its statement on Wednesday that the bidder had met all the requirements set by the Spanish government.

After stripping out dividend payments, IFM is offering 22.07 euros per share, down from its original 23 euros per share offer, to buy a 22.69% stake in Naturgy. Shares in Naturgy were trading at 21.73 euros at 1215 GMT on Wednesday.

The bid is subject to securing at least a 17% in the Spanish energy group.

IFM said on Wednesday in a statement it considered its bid attractive as it implied a 28.9% premium compared to the average price of the six months prior to its first announcement at the end of January.

Besides Criteria, which currently holds almost 26% in the energy group, Naturgy's main shareholders are private equity funds CVC and GIP with a 20.7% and a 20.64% stake, respectively.

Criteria, the main shareholder of Caixabank, is fully owned by the foundation of former savings bank La Caixa.

Though the approval from the CNMV was expected, Spanish investment firm Alantra had said in a note to clients before CNMV's approval it would not rule out IFM lowering the minimum threshold to secure the bid.

"Under the current shareholder structure, reaching the minimum 17% threshold will require that 50% of the free float accept the bid, and this is not a done deal," Alantra said.

IFM declined to comment.

A source close to IFM said that the Australian fund did not plan to lower the minimum threshold.

According to the takeover prospectus published on Wednesday, the bidder can lower the minimum threshold to 10%. (Reporting by Jesús Aguado; Editing by Nathan Allen, Inti Landauro and David Evans)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CAIXABANK, S.A. -0.35% 2.541 Delayed Quote.20.94%
NATURGY ENERGY GROUP, S.A. -1.12% 22.03 Delayed Quote.16.19%
All news about CAIXABANK, S.A.
10/22CAIXABANK S A : and the Spanish Chamber of Commerce in Morocco promote Spanish-Moroccan bu..
10/22CAIXABANK S A : doubles the volume of its international sustainable financing in the first..
10/22CAIXABANK S A : Mulls Sale of Stake in Erste Group
10/21CAIXABANK S A : considers selling 9.92% stake in Erste Group valued at $1.92 billion
10/21CAIXABANK S A : named "Best Consumer Digital Bank in Spain 2021" for the sixth consecutive..
10/21Caixabank Considering Selling Its Entire Stake in Erste Bank Stake
10/20CAIXABANK S A : Pilar Martínez-Cosentino, vice president of Grupo Cosentino, winner of the..
10/14Naturgy Shares Hit the Gas as Fund's Offer Only Partly Accepted
10/08GONZALO GORTAZAR : "Banks are in a real position to be facilitators of impact investment"
10/04NATURGY ENERGY S A : main shareholder defends dividend policy as IFM bid deadline looms
More news
Analyst Recommendations on CAIXABANK, S.A.
More recommendations
Sales 2021 10 419 M 12 131 M 12 131 M
Net income 2021 4 707 M 5 480 M 5 480 M
Net Debt 2021 - - -
P/E ratio 2021 4,25x
Yield 2021 4,67%
Capitalization 20 464 M 23 803 M 23 826 M
Capi. / Sales 2021 1,96x
Capi. / Sales 2022 1,83x
Nbr of Employees 51 071
Free-Float 53,3%
Duration : Period :
CaixaBank, S.A. Technical Analysis Chart | CABK | ES0140609019 | MarketScreener
Technical analysis trends CAIXABANK, S.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 2,54 €
Average target price 3,12 €
Spread / Average Target 22,8%
EPS Revisions
Managers and Directors
Gonzalo Gortázar Rotaeche Chief Executive Officer & Executive Director
Javier Pano Riera Chief Financial Officer
José Ignacio Goirigolzarri Tellaeche Executive Chairman
Luis Javier Blas Agueros COO & Director-Media & Resources
Manuel Galarza Pont Director-Compliance & Control
Sector and Competitors