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Spain allows BlackRock to take 20% stake in Naturgy, Cinco Dias reports
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MADRID (Reuters) – The Spanish government has authorised BlackRock to take the 20% stake in power utility Naturgy it bought when taking over
MADRID (Reuters) – The Spanish government has authorised BlackRock to take the 20% stake in power utility Naturgy it bought when taking over investment fund GIP in January, the Cinco Dias newspaper reported on Wednesday, citing sources at the Economy Ministry.
Foreign companies must secure government approval when buying large stakes in listed Spanish companies deemed strategic. BlackRock became a Naturgy shareholder when it bought GIP in a deal valued at $12.5 billion earlier this year.
A spokesperson at the Economy Ministry confirmed the approval.
Other large shareholders in Naturgy are Spanish holding company Criteria with a 26.7% stake and Australian fund IFM with a 15.01% stake, LSEG data shows.
($1 = 0.8994 euros)
(Reporting by Natalia Siniawski; editing by Inti Landauro and Jason Neely)
Equity refers to the ownership interest in a company, represented by shares of stock. It signifies the value of an ownership stake in a business after all liabilities have been deducted.
A foreign investor is an individual or entity from one country that invests in assets or businesses located in another country, often seeking to diversify their portfolio or gain exposure to different markets.
An investment fund is a pooled investment vehicle that collects money from multiple investors to purchase securities, such as stocks and bonds, aiming to achieve a specific investment objective.
A stake in a company refers to the ownership interest held by an individual or entity, typically represented by shares. It indicates the proportion of the company that the stakeholder owns.
A power utility is a company that generates, transmits, and distributes electricity to consumers. These companies play a crucial role in providing energy to residential, commercial, and industrial users.
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