Emirates OPA is shooting Naturgy on the stock market in anticipation of Moncloa

Emirates OPA is shooting Naturgy on the stock market in anticipation of Moncloa

the Comment Quote Naturgy Now 2 days ago he confirmed alerts for all markets. Information published by La Vanguardia newspaper indicated that there were “preliminary talks” between the two parties Caixa standards And an international fund for one management Public takeover bid About energy. A new threat to Spanish strategic autonomy led, for a few hours, to raise company prices Francisco Raines At some point, before the National Securities Exchange Commission had to intervene while waiting for confirmation of the moves. General services company in the United Arab Emirates She falls He confirmed a few hours later that some of the first contacts were still far from being verified. But the approximations have escalated demand One of the most relevant values ​​​​is Ibex-35.

At the close of Friday's session, Naturgy's share price was just a cent from 23 euros. In just three days, the Spanish energy sector rose about 10%, or more than two euros, thanks to the market’s interest in UAE investments. Although TAQA sought to stress that “no agreement has been reached” yet regarding the multinational company’s bonds, and that “there is no guarantee that any process will be implemented,” the warnings received from Abu Dhabi did not succeed in calming the market. . The share price has remained at similar levels over the past two days, with slight increases from just under €22.60 that reopened the company's quote at the Madrid hall. It is worth noting that it reached higher peaks than it recorded at the end of Friday: during the first hours of Thursday, at a peak even compared to recent days, it touched 24 euros, levels similar to those recorded in 2023, in the midst of the energy inflation crisis that led to a rise in the company’s shares. .

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Naturgy CEO, Francisco Reines/EP

Resistance from Moncloa

The shadow of the OPA over the capital of Naturgy comes at a time of strategic change for the Spanish government. After the entry of Saudi Arabia's sovereign fund into Telefónica, and the subsequent acquisition through SEPI of the major Spanish telecommunications company, the government of Pedro Sánchez has already broken the taboo of public ownership of strategic companies. Industry Minister Jordi Herrio has been particularly cautious since the announcement, calling for the “strengthening of strategic groups”; As is the case with energy, and to ensure that its operations fit Spanish interests. The head of the economy, Carlos Cuerpo, was more open, emphasizing Moncloa's “clear intention” to “protect the strategic interests” of the state, a company for which “they have the necessary tools.” However, Cuerbo has put on the table several ways to support the Spanish Naturgy agenda: Telefónica's method, an entry into the company's capital, appears next to the reaction to the Orange-MásMovil merger, which means “a series of requirements to maintain investments.” And employment” in the region. It is true that in the context of uncertainty resulting from access to hydrocarbons, energy is considered a “sector of particular importance”; a fact that makes the situation even more tense for the executive authority in Madrid.

A shock to social dialogue

Beyond the response of the Spanish government, the battle for the narrative of defending Spanish interests on the energy issue has been articulated by the country's main economic and social actors. The Secretary General of the Workers' Committees, Unai Sordo, urged the Council of Ministers to “break from the old curse that the state cannot take positions by purchasing shares in strategic sectors.” Along with him, the Secretary General of the Union of Catalonia, Javier Pacheco, pointed out that obtaining capital from companies considered necessary to cover the needs of citizens is not a new thing. “Everyone is doing it,” says Pacheco, while demanding the public sector create “all the strategic sectors in which Spain’s potential and future will be determined.” On the other side of the social dialogue, the President and CEO of the Spanish Employers Association, Antonio Garamendi, not only addressed the issue, but also defended the UAE capital’s control over Spanish energy. In statements to the media, Jarmendi denied that an energy investment “does not pose any threat” to the state’s independence. “On the contrary, because it may reinforce Naturgy's commitment to growth,” opines the business leader.

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