By Joshua Kirby
Naturgy Energy Group SA's single largest shareholder said Friday that it would reject an offer for a stake in the company launched by IFM Global Infrastructure Fund, arguing that the move isn't in the company's long-term interests.
CriteriaCaixa, an investment holding company linked to CaixaBank SA, said it opposed the offer to acquire a 22.69% stake made by IFM through its investment vehicle Global InfraCo 0 (2). The offer was first made in January, with the bid later revised downward from 23 euros to EUR22.07 a share, or total 4.86 billion euros ($5.70 billion.) The offer was approved by Spanish regulator the CNMV earlier this month.
"In light of the Naturgy Board of Directors' comments on the impact of this offer on the company's corporate governance, [CriteriaCaixa] has concluded that the offer, both in its content and in its context, fails to satisfy CriteriaCaixa's interests," said the company, which controls 26% of the energy group's share capital. CriteriaCaixa added that as an investor, it is committed to Naturgy's long-term development.
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(END) Dow Jones Newswires