The Diplomat in Spain

The Diplomat

CriteriaCaixa confirmed yesterday that it is holding “preliminary” conversations with a potential investment group that is “in contact with some of Naturgy’s reference shareholders and interested in reaching a potential partner agreement with Criteria”, in a statement sent to the National Commission of the Stock Market (CNMV) this Tuesday.

The entity explained that the conversations with this investment group “are in a preliminary stage”, so the final result cannot be predicted. The investment arm of La Caixa assured that it is not part of the negotiations with the rest of Naturgy’s shareholders and that if an agreement is reached, it will be publicly communicated.

Naturgy shares rose another 6.8% on the stock market at 12:28 p.m. yesterday, to trade at 22.24 euros, after it emerged yesterday that Criteria, the energy company’s largest shareholder with 26.7% of the capital, looks for options to reorganize the company’s capital.

On Monday, La Vanguardia announced that Criteria is in talks with a group from the United Arab Emirates (UAE), specifically from Abu Dhabi, that could take over the stakes in the CVC and GIP funds, and that the intention would be to agree on the management of the company with the new investor, in order to maintain control and have veto power in major decisions.

Naturgy is a company considered strategic, which is why economic observers believe that the Government could try to repeat the operation launched in Telefónica, after the announcement of the entry of a group from Saudi Arabia, if the arrival of the Emiratis is confirmed.