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

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

Spanish newspaper Cinco Dias has reported that the Abu Dhabi energy company TAQA is involved in eyeing a potential deal

Abu Dhabi

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.

You might also like


Scroll To Top