BlackRock Exits Naturgy, Strengthening IFM's Position and Prompting Criteria to Seek New Partnership
IFM, holding 15.5% of Naturgy, aims to increase its stake following BlackRock's exit. The Australian fund is positioned to influence company management and may seek collaboration, especially as Naturgy faces challenges in gas supply renegotiations. The potential entry of activist funds and the need for Criteria to secure a reliable partner for stability arise amid ongoing geopolitical tensions affecting the gas market.
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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.
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