In Australia, the IFM fund has reinforced its position in Naturgy, the energy group listed in Madrid and Barcelona. The firm led by Jaime Siles continues buying shares of the company, Spain’s largest gas supplier and the third-largest electricity provider, and now holds just over 15% of Naturgy. A fresh purchase of 0.5% stake, disclosed to the National Securities Market Commission today, required an outlay near 125 million euros given the current market price of Naturgy shares in recent months.
IFM’s growing influence comes as debate grows around strategic control of Naturgy and as another equity move stirs political reaction. BlackRock, the world’s biggest asset manager, recently announced it had acquired the GIP investment fund for more than 11.4 billion dollars. GIP is a major Naturgy shareholder with a roughly 20.6% stake, so this acquisition affects Naturgy’s ownership landscape directly.
The government has acknowledged it is reviewing BlackRock’s move for its potential implications in a critical sector like energy. The review is part of a broader framework designed to protect strategic assets during periods of heightened sensitivity to foreign investment. The operation has become politically charged, and the government’s analysis is still in its early stages. Sumar and Podemos have publicly pressed the administration to prevent BlackRock from reaching a 20% stake in Naturgy.
Extra 4% over two years
IFM now ranks as Naturgy’s fourth-largest investor, with a 15.01% stake recognized by the market regulator after a 1% increase last year. Leading shareholders include CriteriaCaixa, which controls about 26.7% of the La Caixa Foundation, British fund manager CVC with around 20.7%, and American fund GIP at approximately 20.6%.
The Australian group first entered Naturgy through a partial takeover bid that did not succeed two years ago. The offer targeted roughly 22% of the capital but settled at about 10.8%, while IFM has since added more than 4% to its position. IFM has stated that its investments are long-term, measured in decades rather than years, and market chatter suggests the stake could rise further, potentially surpassing 17.6%. Reaching that level would grantIFM an additional board seat, moving the representation to two directors on Naturgy’s board.
The rise of IFM precipitated a direct clash with Criteria, which fortified its own capital to block a tilt in ownership. The central government gave conditional approval to IFM’s initial entry in 2021, tying the investment to commitments on renewable projects, maintaining headquarters and management in Spain, preserving significant local employment, and keeping debt ratios at investment-grade levels. An explicit condition also barred IFM from supporting a delisting of Naturgy at that time.
The Ministry of Economic Affairs, led by a senior policy official, is currently assessing BlackRock’s indirect entry into Naturgy via GIP. The anti-takeover shield typically requires government clearance for bundles of shares above 10%. The current question is whether BlackRock’s indirect 20% position through GIP triggers the shield and mandates formal approval from the Spanish government before any further steps are taken.