Credit: Getty Images
Abu Dhabi’s TAQA is in talks with Spanish holding vehicle Criteria over a potential takeover of Spanish energy company Naturgy, newspaper Cinco Dias reported on Tuesday citing unidentified market sources.
ADPower, a unit of Abu Dhabi sovereign wealth fund ADQ, owns just over 90 per cent of TAQA.
TAQA would have to launch a full takeover bid for the whole company, as Spanish legislation requires a mandatory tender offer when a buyer wants to acquire more than 30 per cent of any publicly traded company.
The negotiation started over a month ago with the knowledge of the Spanish government, Cinco Dias added in its report.
Criteria, which is the main shareholder in lender Caixabank, owns a 26.7 per cent stake in Naturgy. Private equity investment funds GIP and CVC each own around a 20 per cent stake.
Naturgy and Criteria declined to comment. TAQA did not immediately respond to a request for comment.