Criteria Caixa is once again strengthened in Naturgy. Two months after starting to increase positions in the energy company, it already touches 26% of its share capital. The investment arm of the Catalan financial group has indicated this Tuesday to the supervisor that its portfolio already covers 25.94% of its investee.
The documentation sent to the National Securities Market Commission (CNMV) indicates its position in Naturgy in a total of 251,515,204 shares of the energetic. A package that reaches a valuation of more than 5,530 million euros based on its current price.
Since its last portfolio update, sent to the supervisor five days ago, Criteria Caixa has acquired 752,325 Naturgy shares. A package that I would have paid for an amount close to 16.55 million euros if its current market price is taken as a reference.
The latest transaction notified by Criteria Caixa to the National Securities Market Commission (CNMV) refers to the acquisition of 247,169 Naturgy shares on Monday, July 19. As usual, no further details of the transaction are provided, the communication of which is framed “insofar as there is a public offer to acquire shares on 22.689% of the issuer’s share capital.”
A tagline with which, without naming it, refers to the partial takeover bid made by the Australian fund IFM Investors, which is still pending its final approval or denial by the Government.
The investment vehicle has offered 23 euros for each Naturgy share in order to gain a maximum of 22.69% of its share capital.
Two months of shopping
These acquisitions have been taking place by blocks since May 18. That day, Criteria Caixa announced its rejection of the IFM Investors offer and its objective of reaching up to 29.99% of the capital of the multi-energy company. Just below the 30% threshold that would force the formulation of a mandatory takeover bid for 100% of the listed company capital.
Until the announcement of this escalation of positions, Criteria Caixa recognized the ownership of 240,656,150 Naturgy shares, equivalent to 24.82% of its share capital. In these two months, purchases have reached a total of 10,895 million shares of the multi-energy company, which in this time has revalued 0.7% in the stock market.