Skip to content Skip to Search
Skip navigation

Taqa confirms potential buyout of Spain’s Naturgy

By Pramod Kumar
Animal, Zoo, Adult REUTERS/Susana Vera
A worker stands next to the entrance of the Spanish energy company Naturgy headquarters in Madrid, Spain, on April 16, 2024

Abu Dhabi National Energy Company (Taqa) has confirmed that it is holding talks with the three biggest shareholders of Spanish energy company Naturgy.

In a statement published on the Abu Dhabi Securities Exchange, Taqa said it is holding talks with Criteria Caixa, which has a 26.7 percent stake in Naturgy.

Discussions are also ongoing with private equity players Global Infrastructure Partners (GIP) and CVC Capital Partners, who each own a 20 percent stake in the Spanish energy major.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

“If such an acquisition occurs, this would trigger an offer for all the shares of Naturgy,” Taqa said.

No agreement has been reached with Criteria Caixa, CVC or GIP. Moreover, Taqa has not approached Naturgy, the filing said.

In February, Taqa said its net income more than doubled to AED17 billion ($4.6 billion) in 2023.

The higher income was driven by a one-off gain of nearly AED11 billion recognised on the acquisition of a five percent shareholding in Adnoc Gas.

The company has earmarked an investment worth AED75 billion into power and water capacity expansion and UAE-based transmission and distribution networks by 2030.

Latest articles

Turkey FAB Yapi Kredi

First Abu Dhabi Bank targets Turkish lender

One of Turkey’s largest corporations has confirmed it is in talks with First Abu Dhabi Bank (FAB) over the sale of a majority holding in the Istanbul-headquartered lender Yapı Kredi, the country’s fourth largest private bank in terms of assets.  A report by Reuters on May 21 said sources told it FAB was offering around […]

Dhahran is home to the King Abdulaziz Center for World Culture. Retal will build almost 2,000 homes in the city

Retal wins $770m contract to build in Dhahran

The Saudi builder Retal has signed a SAR2.9 billion ($770 million) contract to design and build nearly 2,000 residential units in Dhahran, Eastern Province, for the giga-project developer Roshn.  Retal “will develop and design the detailed master plan, design and execute the infrastructure, landscape, construct 1,962 residential units and public amenities building in Aldanah project,” […]

GACA president Abdulaziz Al-Duailej said licences would be announced soon for more low-cost flights from regional Saudi airports

More low-cost airline routes planned for Saudi Arabia

Plans to privatise domestic airports have been announced by Saudi Arabia as part of an aviation expansion strategy, which includes imminent licences for more low-cost airline routes, the kingdom’s civil aviation authority said this week.  The General Authority of Civil Aviation has signed an agreement with a consortium led by the Turkish airport operator TAV […]

Lesha Bank's total assets under management increased to QAR6.4 billion, an 11 percent increase year on year

Qatari Islamic bank buys Kazakhstan’s Bereke Bank

Lesha Bank, a sharia-compliant bank in Qatar, has acquired Bereke Bank from Kazakhstan government-backed Baiterek Holding for QAR532 million ($146 million). The Qatar Stock Exchange-listed company said in a statement that the transaction is, however, subject to regulatory approvals. Last month the bank reported an all-time high quarterly net profit of QAR28.8 million in the first quarter of […]