Investor Alert

Jan. 26, 2021, 3:51 a.m. EST

Shares of Spain's Naturgy surge after IFM offers to buy 22% stake

Shares of Naturgy (MCE:ES:NTGY) climbed 15% on Tuesday after infrastructure investment firm IFM offered to buy a 22.69% stake in the Spanish natural gas and electrical energy utilities company. In a statement dated Jan. 25, IFM said it would offer 23 euros per share, a 19.7% premuim over from Naturgy's closing price of 19.2 euros on Jan. 25. In a statement, GIP and Rioja Acquisition, that each own around 21% of the capital, said they won't accept the offer. Naturgy's other shareholders are Criteria Caixa, which owns a 24.8% stake and Sonatrech, with a 4.1% stake. The rest is owned by retail and institutional investors. "IFM's entrance into Naturgy's capital would add another private equity funds to the company's shareholder structure, which may lead to additional changes to Naturgy's strategy," said Nadege Tillier, analyst at ING.

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