MADRID, 17 Ene. (EUROPA PRESS) –
The Government is analyzing the entry of BlackRock into the capital of Naturgy, given the acquisition by the US fund of Global Infrastructure Partners (GIP), which owns a 20% stake in the Spanish energy company, as Europa Press was informed by sources from the Ministry of Economy.
GIP, also a US fund, has been a shareholder in Naturgy since 2016, when it acquired a 20% stake in the energy company for 3.8 billion.
This possible change of ownership of this stake in Naturgy has already sparked criticism from the PSOE government partners. Thus, Sumar’s Economy and Finance spokesperson in Congress, Carlos Martín, and the former Minister of Equality, Irene Montero, asked the Government to prevent BlackRock from acquiring this 20% stake in the hands of GIP.
“The Government must prevent the takeover of 20% of Naturgy by BlackRock,” said Martín in a message published on the social network X, formerly known as Twitter.
The representative for Madrid of the plurinational group considered that the investment fund has “colossal dimensions and significant participations” in 19 important companies in the country.
Among other holdings, BlackRock holds stakes above 5% in Iberdrola, ACS, Repsol or Santander, as recorded in the records of the National Securities Market Commission (CNMV), thus being one of the main investors in Ibex 35 companies.
The Government already made clear the strategic nature of Naturgy in the partial takeover bid launched by the Australian IFM fund in 2021 and which finally received approval, although with reservations.
In that case, the operation had to have this authorization from the Council of Ministers, due to the shielding regulations approved by the Government due to the Covid-19 crisis, which allowed the Executive to veto the purchase by a foreign investor of more than 10%. of a Spanish company in a strategic sector.
However, in this case there would not exactly be a change in Naturgy’s shareholding, since GIP is already present in the capital and BlackRock is acquiring this fund, not directly entering the energy company.
Last Friday, BlackRock announced an agreement to acquire the GIP investment fund, owner of 20% of Naturgy’s capital, for $12.5 billion (€11.413 billion).
The transaction will consist of a cash payment of 3,000 million dollars (2,739 million euros) and approximately 12 million BlackRock shares with a value of about 9,500 million dollars (8,674 million euros).
In addition, the current president and CEO of GIP, Adebayo Ogunlesi, will join the board of directors of BlackRock once the operation is concluded, expected before the end of the third quarter of 2024.
