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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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IFM to push on with Naturgy bid despite Spanish regulatory shake-up

09/29/2021 | 01:00pm EST

MADRID, Sept 29 (Reuters) - Australia's IFM Investors is sticking with plans to buy a stake in Spain's Naturgy despite Madrid's move to tax windfall profits at utilities, and believes the new policy will make its offer more appealing to investors.

IFM Vice-President Jaime Siles, who is leading the bid, said the Spanish government's move gave an incentive for minority shareholders to take up its offer before the Oct. 8 deadline as, without the bid, Naturgy's shares might be trading lower.

Seeking to rein in soaring energy bills, Madrid passed measures this month to redirect billions of euros in extraordinary profits from the energy industry to consumers, hitting the shares of utilities such as Endesa and Iberdrola.

Naturgy has warned its shares could be hit too, while IFM says the stock is being propped up by its bid and would likely plunge after the deal closes.

"The government's regulatory change makes the offer much more attractive," Siles told reporters in a meeting in Madrid. "If it was very attractive, now I consider it unrejectable."

IFM has launched a 4.9 billion euros ($5.8 billion) bid to acquire a 22.69% stake in the Spanish energy group but the three main shareholders that hold a combined 67% of Naturgy will not tender their shares.

Naturgy's adviser Citi looked for a counter-bidder and found no one willing to pay more than IFM, said Siles, citing a report made by the energy group's board that found the offer "reasonable".

"No one in the market has been able to pay more than what IFM is offering", added Siles. "The feeling today is quite positive".

IFM has until Friday to change the price or percentage it proposed to buy and can decide before Tuesday to extend the deadline. Siles has so far ruled out changing any of these conditions for now.

IFM said it would accept a dividend cut after becoming a Naturgy investor to support the company's development plans. (Reporting by Corina Pons and Isla Binnie Editing by Nathan Allen and Mark Potter)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ENDESA, S.A. -0.10% 19.43 Delayed Quote.-13.06%
IBERDROLA, S.A. 0.66% 9.694 Delayed Quote.-17.15%
NATURGY ENERGY GROUP, S.A. 0.20% 24.5 Delayed Quote.29.22%
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11/10Spain's Naturgy Cuts FY21 EBITDA Guidance
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Analyst Recommendations on NATURGY ENERGY GROUP, S.A.
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Financials
Sales 2021 17 007 M 19 240 M 19 240 M
Net income 2021 1 195 M 1 352 M 1 352 M
Net Debt 2021 11 310 M 12 795 M 12 795 M
P/E ratio 2021 21,4x
Yield 2021 4,90%
Capitalization 23 543 M 26 575 M 26 634 M
EV / Sales 2021 2,05x
EV / Sales 2022 1,96x
Nbr of Employees 7 627
Free-Float 36,5%
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Naturgy Energy Group, S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends NATURGY ENERGY GROUP, S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 18
Last Close Price 24,50 €
Average target price 21,58 €
Spread / Average Target -11,9%
EPS Revisions
Managers and Directors
Francisco Miguel Reynés Massanet Chairman & Chief Executive Officer
Carlos Ayuso Salinas Director-Internal Audit, Compliance & Control
Ramón Adell Ramón Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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