Naturgy soars in the stock market due to the possibility that the Arab Emirates will launch a friendly takeover bid

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Naturgy has risen strongly in the stock market this Tuesday (+3.36%; 21.52 euros) given the possibility that the United Arab Emirates oil company, Adnoc (more concretely TAQAits renewable and green hydrogen subsidiary), launch a Friendly takeover bid for 100% of the capital or a partial takeover bid for a relevant percentage. The operation, promoted by the main shareholder of Naturgy, CriteriaCaixaaims to Adnoc replaces the GIP and CVC funds in Naturgy's capital, which control 20% shareholdings. CriteriaCaix confirmed this Tuesday that «holds talks with a potential investment groupwhich has stated be in contact with some of Naturgy's reference shareholders and interested in reach a potential partner agreement with Criteria«Criteria would be negotiating the operation with the prior knowledge of the Spanish Governmentwhich would authorize the transaction as long as Criteria remained a controlling shareholder and guaranteed the Spanishness of the company, considered strategic as it is the main supplier of natural gas. According to Banco Sabadell analysts, the news has a «positive impact on the price due to the possibility of a takeover bid«. However, these experts add that «It seems complex to us to implement a takeover bid like the one proposed«. In this sense, they affirm that «at the current price levels of the value, GIP and CVC would have little selling point their participation (taking into account that they entered at a price of 19 euros per share), unless a significant premium was paid.» «On the other hand,» they add, «the strategic nature of Naturgy makes difficult for the Government to finally allow the entry of an Arab fund into the shareholding«. From Bankinter, they affirm that «the rumors or the possibility of corporate actions could lift the stock from these levels. Without a corporate operation, we do not think it could change the poor performance of the stock.»