Naturgy launches voluntary tender offer for 10% of its capital at €26.5 per share

Naturgy shareholders on Tuesday approved the launch of a voluntary public takeover bid for 10% of the company’s capital. The operation, initiated by the management of the Spanish energy group, aims to boost the proportion of free float, referring to shares that can be traded freely on the stock market. The buyback price was set at €26.5 per share.

The decision received broad backing at the annual general meeting. In its statement, Naturgy confirmed support from key shareholders. These include Criteria Caixa, a leading Spanish institutional investor, the Australian pension fund IFM, and Algeria’s state-owned hydrocarbon company Sonatrach.

Increasing share liquidity

Naturgy’s management, formerly Gas Natural Fenosa, announced in February its plan to repurchase 10% of its capital for eventual resale on the markets, with no fixed schedule. The stated goal is to raise free float to 15%, a threshold seen as necessary for the group to re-enter Spain’s main stock indices.

Improving liquidity is also expected to enhance the share’s appeal among institutional investors. The group, led by Chairman Francisco Reynés, is aiming to strengthen its position in financial markets amid ongoing changes in its shareholder structure.

External pressures and strategic uncertainty

The announcement comes as Naturgy remains under the scrutiny of Emirati energy operator Taqa. The latter withdrew in June 2024 from a proposed acquisition of 41% of Naturgy’s capital, citing valuation disagreements. However, according to Bloomberg, Taqa’s Chairman, Mohamed Hassan Alsuwaidi, recently held talks in Spain with a senior figure at Criteria Caixa to revive discussions.

These developments highlight strategic tensions surrounding Naturgy’s future, amid capital restructuring shaped by increasing interest from sovereign wealth funds and state-backed energy players.