The Diplomat in Spain

The Diplomat

Sumar’s spokesperson in Congress, Íñigo Errejón, yesterday demanded that the Government veto the possible Public Acquisition Offer (OPA) of the Emirati group Taqa in Naturgy and that there be an entry of public capital into the energy company in a similar way to what has happened with Telefónica.

Furthermore, the second vice president of the Government and leader of Sumar, Yolanda Díaz, has sent letters to the president of the Government, Pedro Sánchez, to the first vice president, María Jesús Montero, and to the Minister of Economy, Carlos Cuerpo, in which she demands that paralyze the Taqa takeover bid, claiming that we must “defend the country’s strategic companies.”

The takeover bid has not yet materialized, and the Emirati group has currently indicated that it is holding talks with the shareholders of the energy company for its possible landing in its shareholding, in which Criteria Caixa, La Caixa’s investment arm, stands out as the main shareholder with 26.7%.

These conversations have not pleased the minority partner of the Government, as he sees them as a “threat” to the strategic interests of Spain.

“This represents a threat to the strategic interests of our country, to our sovereignty and to national security,” Errejón stated yesterday in Congress. And he added that, for this reason, his parliamentary group has asked that the Executive “veto” and “not authorize” the operation and that, instead, there be an entry of public capital into Naturgy, Europa Press reports.

In the opinion of the leader of Más País, companies such as Naturgy or Telefónica are strategic for the interests of Spain in terms of communications, transport or energy, so they “cannot be sold to funds of dubious origin and cannot depend on the whims financial.

And not only that, but Errejón considers that “there must also be a presence of the State that guarantees national interest and security.”

If Taqa finally launches an offer to take over the shares of the CVC and GIP funds in Naturgy, the Government will have to approve the operation, as happened with the emergence of the Saudi STC in the capital of Telefónica.

This is due to the well-known ‘anti-takeover shield’, which was introduced in the middle of the pandemic and which gives the Executive the power to authorize or reject foreign investments in strategic listed companies when the transaction involves more than 10% of the company’s shares or , if they are not listed, when the investment is above 500 million euros.

The Minister of Economy, Commerce and Business, Carlos Cuerpo, has already said that the Government will analyze the operation on Naturgy when it materializes, as it has done in the case, for example, of Orange and MásMóvil or other operations.

Of course, he stressed that the Executive has a “very clear” vision regarding the need to protect the “strategic interests” of the country and has the necessary regulatory instruments, in reference to the ‘anti-takeover shield’.

For his part, the president of the Spanish Confederation of Business Organizations (CEOE), Antonio Garamendi, considers that there is “no danger” to the strategic security of Spain due to the possible entry of Taqa into Naturgy. “I believe that, on the contrary, because possibly all of this further strengthens Naturgy’s commitment to its growth and to being an energy leader in Spain,” he told reporters.