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Spain allows BlackRock to take 20% stake in Naturgy, Cinco Dias reports

by Uma Rajagopal
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2024 09 18T071840Z 1 LYNXMPEK8H06H RTROPTP 4 NATURGY M A TAQA

 

MADRID (Reuters) – The Spanish government has authorised BlackRock to take the 20% stake in power utility Naturgy it bought when taking over investment fund GIP in January, the Cinco Dias newspaper reported on Wednesday, citing sources at the Economy Ministry.

Foreign companies must secure government approval when buying large stakes in listed Spanish companies deemed strategic. BlackRock became a Naturgy shareholder when it bought GIP in a deal valued at $12.5 billion earlier this year.

A spokesperson at the Economy Ministry confirmed the approval.

Other large shareholders in Naturgy are Spanish holding company Criteria with a 26.7% stake and Australian fund IFM with a 15.01% stake, LSEG data shows.

($1 = 0.8994 euros)

 

(Reporting by Natalia Siniawski; editing by Inti Landauro and Jason Neely)

 

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