Abu Dhabi-based Taqa in talks to buy 41 pct stake in Spain’ Naturgy

Abu Dhabi-based energy holding Taqa said Wednesday it was in talks to buy the 41 percent stake in Naturgy, Spain’s leading gas supplier, held by investment funds CVC and GIP.

If Taqa acquires the stakes held by the two funds, it would need to launch a full takeover offer for Naturgy, it said a statement sent to Spain’s stock market regulator.

At the same time Taqa said it was also talking to Naturgy’s largest shareholder, Criteria Caixa “about a possible cooperation agreement relating to Naturgy,” it added in the statement.

Criteria Caixa, the investment holding company of Spanish bank La Caixa, holds a 26.7 percent stake in Naturgy.

GIP and CVC each own about 21 percent of Naturgy, while infrastructure fund IFM owns about 15 percent.

Taqa said it still had not yet reached “any agreement with Criteria Caixa, CVC or GIP.”

A takeover would need the approval of the Spanish government, since Naturgy plays a key role in the country’s energy system.

Naturgy posted a net profit of 2.0 billion euros in 2023, a 20 percent jump over the previous year, as a strong performance in renewables, especially green hydrogen, offset lower energy prices.