The Australian Fund IFM has accepted the conditions imposed by the Government on the OPA launched on 22.7% of Naturgy and referring to that for 5 years it should support the company's investments linked to the energy transition, as well as maintenance of its headquarters in Spain and most of the template.
Already on August 3, IFM was "satisfied" with government conditions at the OPA, but on Thursday, in communication to the National Securities Market Commission (CNMV), the Australian Fund has announced that it has decided to accept the requirements of the Council of Ministers.
According to communication, authorization, which was notified yesterday, is subject to several conditions that are the result of "a very constructive institutional dialogue" and are "aligned" with the fund's plans for your investment in Naturgy.
This includes the support to develop an industrial plan for the company that helps to make Naturgy "a principal actor in the energy transition".
The voluntary partial offer is carried out through its Investment Vehicle IFM Global Infrastructure Fund (IFM GIF) and will be paid entirely in cash.
The Director General of IFM Investors, David Neal, has assured that they have welcomed "satisfaction" the decision of the Spanish Government and who hope to continue working "closely with the CNMV for the final authorization of the offer and the brochure."
In addition, it has considered that it is a "positive for Naturgy, its shareholders, the future of the Spanish energy market and for the millions of workers who invest through their pension funds with IFM."
Neal has highlighted that he sees Naturgy as a company whose strategic direction and position as a global and diversified company "is firmly aligned with our investment principles and objectives."
IFM considers that the price of supply represents a very attractive value proposal for the shareholders of Naturgy, above all, taking into account that the evolution of the share price of other competitors from the Naturgy sector has been negative since the announcement of The offer in January 2021, as reflected in the evolution of Eurostoxx Utilities, which has fallen by 4%.
During this time, Naturgy has not suffered the low overall performance of the sector, since the price of Naturgy has been positively affected by the offer and has been quoted at levels close to the price of the offer.
The next step in the process is the authorization of the offer and the brochure by the CNMV. IFM hopes to continue his "fruitful with the CNMV so that the process culminates successfully."
IFM launched in January a public acquisition offer (OPA) on 22.69% of Naturgy at a price of 23 euros per share that on Monday downgraded 22.07 euros, after discounting the dividend on account of 0.30 euros per Title and the dividend of 0.63 euros that distributed in March.
The IFM's offer is aimed at 220 million shares of the energy company, which would disburse about 4,855 million euros.
Since throwing his partial OPA, at the end of January, IFM has always made it clear that he did not intend to move to Criteria as Naturgy's first shareholder, but he threw this offer thinking about institutional investors, that is, in pension plans, funds or Entities and institutions with relevant packets of shares of the Company, totaling 21.7% of the shareholding, and in the minority, which have another 7.7% of the capital.
However, IFM has mentioned its interest in being on the Council and the minimum objective of reaching 17% of capital has been scored with its OPA, an objective that in the market take for granted to be achieved.
Date Of Update: 05 August 2021, 05:37
