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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Uma Rajagopal

    Posted on June 11, 2024

    Featured image for article about Top Stories

    Spain’s Criteria drops takeover plan for Naturgy with Abu Dhabi’s TAQA

    By Jesús Aguado and Pietro Lombardi

    MADRID (Reuters) -Spanish holding firm Criteria said on Monday it had not reached an agreement with Abu Dhabi’s TAQA over a potential joint takeover bid for Spanish gas firm Naturgy.

    El Mundo newspaper had earlier reported, citing people familiar with the talks, that TAQA had decided to drop the joint bid with Criteria, which owns a 26.7% stake in the gas company.

    “Regarding the conversations held between CriteriaCaixa and TAQA with a view to a possible cooperation agreement relating to Naturgy … these negotiations have been terminated without reaching any agreement,” Criteria said in a filing to market supervisor CNMV.

    Criteria added it was “exploring new options” to support Naturgy’s transformation plan and reaffirmed its commitment as a long-term investor in the company’s industrial project.

    “Discussions on a potential cooperation agreement with Criteria Caixa and the possible acquisition of shares … in Naturgy have ended and a transaction will not take place,” TAQA confirmed in a regulatory filing on Tuesday.

    Naturgy declined to comment.

    TAQA was in talks with Naturgy’s three largest shareholders – Criteria and private equity funds CVC and GIP, which each own more than 20% – with a view to a possible takeover bid, it said in April.

    It then said there was no guarantee a deal would happen and, if it were to, under what terms. It added it had not approached Naturgy directly.

    CVC and GIP declined to comment. Australian fund IFM, which holds a 15% stake in Naturgy, declined to comment.

    TAQA, a power and water utility founded in 2005, was set to acquire Spain’s largest gas firm, together with contracts with Algeria and also a long-term contract to import some 3 billion cubic metres (bcm) of Russian liquefied natural gas (LNG) every year.

    With Naturgy’s market value at 24.3 billion euros ($26.14 billion) on Monday, the move would have been one of the largest takeovers by a sovereign wealth fund.

    ($1 = 0.9297 euro)

    (Reporting by Pietro Lombardi and Jesús Aguado; additional reporting by Hadeel Al Sayegh, writing by David Latona; Editing by Jason Neely, David Gregorio and Sherry Jacob-Phillips)

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