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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Naturgy Shares Hit the Gas as Fund's Offer Only Partly Accepted

10/14/2021 | 09:00am EST

By Joshua Kirby

Shares in Naturgy Energy Group SA surged Thursday after the Spanish utility's shareholders accepted a bid for a stake of just more than 10% from Australia's IFM Global Infrastructure Fund.

At 1419 GMT, shares traded 4.1% higher at EUR23.89, having earlier reached an intraday high of EUR24.87.

In a release filed to Spain's market regulator CNMV, IFM said that its offer of 22.07 euros a share, made via its Luxembourg-based investment vehicle Global Infraco O (2), had been accepted to the equivalent of just more than 105 million shares, or 10.83% of total Naturgy shares. This represents slightly less than half the shares IFM had bid for.

The fund said it had decided to waive the minimum acceptance condition of 17% it had originally stipulated, and would acquire all shares for which its offer had been accepted.

The stake is worth 2.32 billion euros ($2.69 billion), based on the offer price. IFM's original offer, made in January, was for EUR23 a share, but this was later revised downward. The bid was approved by the CNMV in September.

Following the nod from the CNMV last month, Naturgy's largest shareholder said it opposed the bid from IFM. CriteriaCaixa, an investment holding company linked to CaixaBank SA and which holds just more than a quarter of the company's shares, said the move wasn't in Naturgy's long-term interests.

Naturgy declined to comment when contacted by The Wall Street Journal.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

10-14-21 1100ET

Stocks mentioned in the article
ChangeLast1st jan.
NATURGY ENERGY GROUP, S.A. -1.10% 24.17 Delayed Quote.27.48%
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Analyst Recommendations on NATURGY ENERGY GROUP, S.A.
More recommendations
Financials
Sales 2021 15 158 M 17 154 M 17 154 M
Net income 2021 1 148 M 1 299 M 1 299 M
Net Debt 2021 11 269 M 12 753 M 12 753 M
P/E ratio 2021 21,4x
Yield 2021 4,97%
Capitalization 23 226 M 26 283 M 26 285 M
EV / Sales 2021 2,28x
EV / Sales 2022 1,93x
Nbr of Employees 7 627
Free-Float 36,5%
Chart NATURGY ENERGY GROUP, S.A.
Duration : Period :
Naturgy Energy Group, S.A. Technical Analysis Chart | NTGY | ES0116870314 | MarketScreener
Technical analysis trends NATURGY ENERGY GROUP, S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 24,17 €
Average target price 21,38 €
Spread / Average Target -11,5%
EPS Revisions
Managers and Directors
Francisco Miguel ReynÚs Massanet Chairman & Chief Executive Officer
Carlos Ayuso Salinas Director-Internal Audit, Compliance & Control
Ramˇn Adell Ramˇn Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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