HE Australian IFM fund Reinforced in the capital Naturgy. In Spain, the firm led by Jaime Siles continues to buy shares of the energy company, Spain’s largest gas company and third largest electricity company, and currently owns over 15%. The purchase of another 0.5% stake, reported to the National Securities Market Commission (CNMV) today, required a payment of around 125 million euros in recent months, based on the Spanish group’s current stock market price.
IFM is on the rise in Naturgy’s capital at a time when controversy is emerging and another shareholding move in the energy group is fueling political unrest. BlackRock, the world’s largest investment fund manager, announced last week that it acquired the GIP investment fund for more than $11.4 billion. An operation with direct consequences for Naturgy, as GIP is one of its major shareholders with a 20.6% stake.
The government acknowledges that it has already analyzed BlackRock’s operation for its implications in a strategic sector such as energy to determine whether it is affected by the special protection of the ‘anti-takeover shield’ erected by the government to protect companies during the pandemic. acquisitions by foreign investors in key sectors. The operation has already become the target of political controversy, with the government’s analysis process having just begun. Sumar and Podemos publicly demanded that the Executive prevent giant BlackRock from taking control of 20% of Naturgy.
Extra 4% over two years
IFM is now Naturgy’s fourth-largest shareholder, with a 15.01% stake recognized by the stock market regulator after increasing its weighting by 1% last year. Leading the way is CriteriaCaixa, the investment holding company that owns 26.7% of the LaCaixa Foundation’s capital; British CVC with 20.7% and American fund GIP with 20.6%
The Australian IFM entered the company with a tumultuous partial takeover bid that failed just two years ago: the offer was for 22% of the capital and remained at 10.8%, adding more than 4% since then. IFM ensures that its calling is permanence and that its investments are “considered in terms of decades, not years.” It is assumed in the market that the organization will continue to increase its participation until it exceeds 17.6%, which will give the right to move from one director to two directors in the energy company.
The IFM takeover led to a head-on clash with Criteria (the holding company strengthened its capital to prevent this) and was approved by the central government with strict conditions to protect Spanishness, investment and jobs. The Government of Pedro Sánchez has approved the entry of the Australian IFM Global Infrastructure fund in 2021 with certain requirements, making it conditional on supporting investment in strategic renewable projects for Spain, maintaining the company’s headquarters and business management. distributing dividends, keeping a significant part of the workforce in Spain or keeping the debt ratio at an investment grade level. The IFM was also obliged not to support the delisting of the company.
The Ministry of Economic Affairs, led by Carlos Cuerpo, is currently analyzing BlackRock’s indirect entry into Naturgy through GIP. The anti-takeover shield generally requires government approval for bundle purchases above 10%. The government must now determine whether the indirect acquisition of 20% of Naturgy by BlackRock in the hands of GIP requires activating this special oversight and requiring the fund giant to seek permission from the Spanish Executive.