Moncloa hopes that there will be other investors with "Spanish" and "transparent" capital in Naturgy, although without ruling out the entry of the State
Moncloa is taking steps to safeguard the security of key Spanish companies such as Naturgy, ensuring that foreign investors do not compromise their operations. Concerns have arisen over the potential involvement of Emirati company Taqa in Naturgy, prompting the government to propose several solutions. These include finding other investors with transparent and preferably Spanish capital to join Naturgy, having the state participate in the company similar to what was done with Telefónica, and implementing requirements such as maintaining investments and job opportunities, as was done with Más Movil and Orange.
The first option, involving other investors, was explained by first vice president María Jesús Montero. She emphasized the importance of conducting such an operation in compliance with competition rules applicable to all Member States. Montero stated that the objective is to have additional investors join Naturgy.
Economy Minister Carlos Body has presented the other two options from Washington, assuring that Spain will protect its strategic interests by utilizing regulatory instruments. Body highlighted that in some cases, state involvement is necessary, as seen with Telefónica. He also mentioned the possibility of imposing requirements, such as job retention and investment maintenance within Spain, similar to the conditions imposed during the merger of Orange and MásMóvil. These frameworks will guide the government’s actions going forward.
The government has the necessary channels and instruments to analyze Taqa’s proposal once it becomes official. They are determined to protect Spain’s strategic interests in Naturgy. While awaiting the formal proposal from the Abu Dhabi-listed company, the government remains prepared to take action.
The government’s stance is crucial in determining whether Taqa’s entry into Naturgy will be approved. Alongside the company’s main shareholder, CriteriaCaixa, government approval is necessary in the event of a potential takeover bid. As per Spanish legislation, Taqa would be required to present a takeover bid to acquire the entire capital of Naturgy if its stake exceeds the maximum limit of 30%. It is now up to the government to grant approval.
The potential reorganization of Naturgy’s capital has generated speculation, which was confirmed by the National Securities Market Commission (CNMV) on Wednesday. Taqa has been in talks with CriteriaCaixa regarding a possible cooperation agreement with Naturgy. Additionally, Taqa is in discussions to purchase shares from two other funds, CVC and GIP, which hold significant stakes in the energy company.