Naturgy has endured two failed takeover attempts in about three and a half years, with the suitors not achieving their goal. The Australian investment fund IFM, in January 2021, could buy only 10.83% of Naturgy’s capital out of a target 22.7%, and the Emirati group TAQA, which blocked the deal, scrapped its bid this week. TAQA and Criteria, the investment arm of the La Caixa Foundation, had been negotiating a joint approach that would have given them control of Naturgy at a proposed valuation around 26.2 billion euros, roughly 27 euros per share.
On Tuesday, Naturgy’s stock closed at 21.14 euros, down 14.96%, trading about 21.7% below the intended 27 euros per share. Year to date, the company has fallen about 20.15%, and since IFM launched its partial offer in January 2021, Naturgy has gained roughly 10.5%. During that period the company faced government vetoes on its planned split into two entities, the energy price surge driven by the Ukraine conflict, and the rejection of Ignacio Gutiérrez-Orrantia, head of investment banking at Citi, to join the board as chief executive.
The market response has punished the Emirati retreat, undermining the industrial plan that TAQA had been pursuing with Criteria just a couple of weeks earlier. The joint strategy between TAQA and Criteria aimed to seize control of 40% of Naturgy’s shares, a stake that would leverage the position of funds like CVC and GIP, who had entered the company at a price of 19 euros more than a decade ago and were prepared to exit under favorable terms.
The reason behind the rupture of talks between CriteriaCaixa and TAQA is attributed to governance differences at Naturgy. TAQA’s plan involved a larger stake than the Caixa foundation’s holding and raised concerns about how the group would be steered in the future.
CriteriaCaixa, however, reaffirmed its long‑term commitment to Naturgy in a market filing to the CNMV, the Spanish stock market regulator. It reiterated support for the company’s ongoing transformation and said it was continuing discussions to explore potential partners who could help Naturgy accelerate its energy transition and deepen its strategic evolution.
IFM remains a major shareholder in Naturgy and signals readiness for a multiyear partnership with CriteriaCaixa to strengthen the company’s stability. The fund has been steadily building its position since the aborted bid, and now holds about 15% of Naturgy following recent purchases in January. Represented on Naturgy’s board by Jaime Siles, IFM has consistently described its stake as strategic and long‑term, emphasizing its belief in Naturgy’s core value and transformation trajectory.
IFM signals willingness for a long‑term pact with CriteriaCaixa
IFM stands as one of the largest investors in Naturgy and suggests a cooperation framework with CriteriaCaixa aimed at reinforcing the company’s governance and long‑term strategic plan. The Australian fund’s approach centers on supporting Naturgy’s transformation path while ensuring a stable ownership structure that can weather regulatory and market shifts. With IFM’s continued support, Naturgy can pursue its strategic objectives without the pressure of abrupt, short‑term moves from a single activist investor, providing a steadier runway for its energy transition and asset optimization.