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BlackRock's exit from Naturgy allows IFM, the second-largest shareholder with 15.5%, to potentially increase its stake and influence management. The exit comes as Naturgy renegotiates gas supply contracts, particularly after the EU's ban on Russian LNG.

IFM has shown willingness to support current management under Francisco Reynés. The exit could also attract activist funds, leaving nearly 30% of shares in free float. Criteria, focused on maintaining Spanish control, may seek a partner after previous talks with Repsol fell through.

Meanwhile, CVC retains 13.8% of Naturgy and remains open to offers. BlackRock's departure, while timely due to market conditions, does not affect its stake in the Medgaz pipeline.