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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Naturgy's Largest Shareholder Opposes $5.7 Billion Partial Takeover Bid

09/24/2021 | 02:48am EDT

By Joshua Kirby

Naturgy Energy Group SA's single largest shareholder said Friday that it would reject an offer for a stake in the company launched by IFM Global Infrastructure Fund, arguing that the move isn't in the company's long-term interests.

CriteriaCaixa, an investment holding company linked to CaixaBank SA, said it opposed the offer to acquire a 22.69% stake made by IFM through its investment vehicle Global InfraCo 0 (2). The offer was first made in January, with the bid later revised downward from 23 euros to EUR22.07 a share, or total 4.86 billion euros ($5.70 billion.) The offer was approved by Spanish regulator the CNMV earlier this month.

"In light of the Naturgy Board of Directors' comments on the impact of this offer on the company's corporate governance, [CriteriaCaixa] has concluded that the offer, both in its content and in its context, fails to satisfy CriteriaCaixa's interests," said the company, which controls 26% of the energy group's share capital. CriteriaCaixa added that as an investor, it is committed to Naturgy's long-term development.

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

(END) Dow Jones Newswires

09-24-21 0247ET

Stocks mentioned in the article
ChangeLast1st jan.
NATURGY ENERGY GROUP, S.A. 2.05% 22.39 Delayed Quote.18.09%
All news about NATURGY ENERGY GROUP, S.A.
10/14Naturgy Shares Hit the Gas as Fund's Offer Only Partly Accepted
DJ
10/14IFM Global Infrastructure Fund Buys $2.7 Billion Stake in Naturgy
DJ
10/14IFM Global Infrastructure Fund managed by IFM Investors Pty Ltd completed the acquisiti..
CI
10/07Spain Starts Talks With Energy Companies Over Price Surges
MT
10/04NATURGY ENERGY S A : main shareholder defends dividend policy as IFM bid deadline looms
RE
10/04Westinghouse Electric Company LLC signed a definitive agreement to acquire a 50% stake ..
CI
09/29IFM to push on with Naturgy bid despite Spanish regulatory shake-up
RE
09/24EUROPEAN MIDDAY BRIEFING : Stocks Fall as -2-
DJ
09/24NATURGY ENERGY S A : Shareholder Criteria Caixa Rejects IFM's $5.8 Billion Minority Stake ..
MT
09/24Criteria Caixa Opposes IFM Investor’s Naturgy Energy Offer
CI
More news
Analyst Recommendations on NATURGY ENERGY GROUP, S.A.
More recommendations
Financials
Sales 2021 16 723 M 19 404 M 19 404 M
Net income 2021 1 259 M 1 460 M 1 460 M
Net Debt 2021 11 806 M 13 699 M 13 699 M
P/E ratio 2021 17,6x
Yield 2021 5,36%
Capitalization 21 515 M 24 945 M 24 964 M
EV / Sales 2021 1,99x
EV / Sales 2022 1,88x
Nbr of Employees 8 552
Free-Float 36,7%
Chart NATURGY ENERGY GROUP, S.A.
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Naturgy Energy Group, S.A. Technical Analysis Chart | NTGY | ES0116870314 | MarketScreener
Technical analysis trends NATURGY ENERGY GROUP, S.A.
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 17
Last Close Price 22,39 €
Average target price 21,73 €
Spread / Average Target -2,93%
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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