Abu Dhabi’s TAQA ‘in takeover talks’ for Spanish energy firm Naturgy

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Abu Dhabi’s TAQA is in talks with Spanish holding vehicle Criteria over a potential takeover of Spanish energy company Naturgy, newspaper Cinco Dias reported on Tuesday citing unidentified market sources.

ADPower, a unit of Abu Dhabi sovereign wealth fund ADQ, owns just over 90 per cent of TAQA.

TAQA would have to launch a full takeover bid for the whole company, as Spanish legislation requires a mandatory tender offer when a buyer wants to acquire more than 30 per cent of any publicly traded company.

The negotiation started over a month ago with the knowledge of the Spanish government, Cinco Dias added in its report.

Criteria, which is the main shareholder in lender Caixabank, owns a 26.7 per cent stake in Naturgy. Private equity investment funds GIP and CVC each own around a 20 per cent stake.

Naturgy and Criteria declined to comment. TAQA did not immediately respond to a request for comment.