Powered by MOMENTUM MEDIA

IFM to bid $7.9bn for energy group stake

— 1 minute read

IFM Investors has signalled it will be making a $7.9 billion offer for a 22.7 per cent stake in a multinational gas and electric utility company. 

IFM intends to make a partial voluntary tender offer for up to 220 million shares in Naturgy Energy Group S.A., equating up to 22.7 per cent of the company’s share capital.

The energy company, listed on the Spanish IBEX 35 exchange, is headquartered in Madrid. Its infrastructure portfolio stretches over more than 20 countries and includes the largest gas distribution and third largest electricity distribution networks in Spain. 

Advertisement
Advertisement

The investment manager will be offering €23 ($36.11) per share, which will total €5 billion ($7.9 billion) if it takes up all 220 million shares on offer. 

The offer will be subject to approvals and reaching a minimum acceptance of at least 164.8 million shares, or 17 per cent of Naturgy’s total share capital.

 

IFM to bid $7.9bn for energy group stake
investordaily image
ID logo
Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

You can contact her on [email protected].

 

related articles

promoted stories

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.