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Taqa confirms talks with Criteria, CVC and GIP for Naturgy, without agreement being reached

He affirms that if he reached an agreement he would make "a public acquisition offer for the entire capital" of the energy company.

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Taqa confirms talks with Criteria, CVC and GIP for Naturgy, without agreement being reached

He affirms that if he reached an agreement he would make "a public acquisition offer for the entire capital" of the energy company.

The Emirati company Taqa has confirmed that it is holding talks with CriteriaCaixa regarding "a possible cooperation pact related to Naturgy", as well as with the CVC and GIP funds regarding "the possible acquisition of its shares" in the energy company, although it has stressed that it is still "no agreement has been reached" with them, the firm has informed the National Securities Market Commission (CNMV).

Likewise, he has indicated that if said purchase were to occur, "a public acquisition offer would have to be made for the entire capital of Naturgy."

Furthermore, the Emirati company adds that "there is no guarantee that any operation will be implemented or certainty as to the terms under which, if applicable, it could be carried out" and that "there has been no approach to Naturgy by Taqa", which has made it clear that if any agreement is reached, "it will publish it in due time".

Listed on the Abu Dhabi Stock Exchange since 2005, Taqa has operations in the United Arab Emirates, as well as Canada, Ghana, India, Iraq, Morocco, the Netherlands, Oman, Saudi Arabia, the United Kingdom and the United States.

This morning, a few moments after the market opened, the CNMV provisionally suspended Naturgy's listing with immediate effect while relevant information about the energy company was disseminated.

THE STOCK SHOOTS 5% AFTER THE ANNOUNCEMENT.

At the time of the suspension, the energy company's shares rose 1.3%, to 21.80 euros per share. After its return to trading, at around 11:40 a.m., Naturgy shares soared by more than 5%, to 22.58 euros, boosted by Taqa's announcement.

Naturgy's shares already rose by almost 3.4% yesterday on the Stock Market after CriteriaCaixa confirmed that it was holding "preliminary" conversations with a potential investment group that is in contact with some of the energy company's reference shareholders and interested "in reaching a potential "partners agreement" with the La Caixa investment vehicle. Criteria Caixa also stressed in its communication that it was not part of the negotiations with the rest of Naturgy's shareholders.

POSSIBLE OUTPUT FOR CVC AND GIP FROM NATURGY.

In this way, the group controlled by the Government of the United Arab Emirates thus confirms talks for a possible landing in Naturgy with all its main shareholders - Criteria Caixa, the first with 26.7% of the capital and the CVC and GIP funds, which They own more than 20%.

In the case of these last two shareholders, once the maturity period of their investments has expired, CVC and GIP, which entered in 2019 and 2016, respectively, could be willing to sell if a good offer arises.

Although these two large funds have seen the value of their participation in Naturgy decrease due to the fall in the stock market so far in 2024 suffered by the group, in these years they have benefited from the company's dividend policy that chaired by Francisco Reynés, so that since his entry into the GIP shareholding he would have received around 1,800 million for CVC's 1,200 million. For its part, Criteria would have accumulated latent capital gains in Naturgy close to 1,600 million euros.

The other large shareholder of the energy company is the Australian fund IFM, which has a 15% stake in Naturgy, and which has repeatedly shown its desire to remain in the capital long-term.