IFM Accepts Government’s Fine Print To The Partial Takeover Bid For Naturgy
IFM has accepted the conditions imposed by the Government to authorize the voluntary partial Tender Offer (OPA) for 22.69% of Naturgy’s share capital, as reported by the Australian fund to the National Securities Market Commission (CNMV) .
In this way, IFM has welcomed the approval by the Executive of the offer, which will be paid in full in cash, and has highlighted that the conditions of the authorization are “the result of a very constructive institutional dialogue” and are aligned with its plans for the investment in Naturgy, including support to develop an industrial plan for the company that “helps make Naturgy a major player in the energy transition.”
“Positive news for Naturgy”
“We welcome the decision of the Spanish Government, and we hope to continue working closely with the CNMV for the final authorization of the offer and the prospectus,” said the CEO of IFM Investors, David Neal.
“We believe this is positive news 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,” he added.
“We see Naturgy as a company whose strategic direction and position as a global and diversified company is firmly aligned with our principles and investment objectives,” he highlighted.
The offer is already “very attractive”
IFM considers that the offer price (22.07 euros) represents a “very attractive” value proposition for Naturgy’s shareholders, especially considering that the evolution of the share price of other competing companies in the Naturgy sector It has been negative since the offer was announced in January this year.
The next step in the process is the authorization of the offer and the prospectus by the National Securities Market Commission (CNMV). IFM hopes to continue its “fruitful” work with the CNMV for the process to be successful.