Naturgy presents its strategic plan between rumors of departure from its main funds | Companies

by Andrea
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The Naturgy Board of Directors held on Tuesday has approved a new strategic plan, for the 2025-2028 period, as. Although the plan was planned to be presented in March, finally, the Council has given it its approval along with the annual results of 2024, which will be announced tomorrow Thursday to the market in the same package. The Energy Roadmap, which has developed the consulting firm McKinsey and whose data has not transcended, arrives in the midst of insistent rumors of an upcoming departure from its two main shareholders: Blackrock (which last year acquired the American GIP and the He relieved in Naturgy’s council) and CVC, with just over 20% of the capital, respectively.

The highest governing body of the company has also approved the call of the General Meeting by the end of March, although the agenda will not be known until later, according to market sources. In it, the request for the fourth shareholder, the IFM Australian Fund, the right that acquired after having exceeded 16% in mid -October and request that was attended by the Secretary of the Council is settled. To give accommodation to the future IFM counselor, which must endorse the General Meeting, and maintain the same number of armchairs (12, including the Executive President) the company must dispense with one of its three independent advisors: Helena Herrero, Claudi Santiago or Pedro Sáinz de Baranda.

According to Reynés last summer, during the presentation of the company’s semiannual results, the plan will focus on three objectives: “That it is attractive and open for shareholders, so the Council will actively participate; that has a vocation for growth and value creation and that advances in decarbonization ”. And he added that “it will be a plan for those who want to enter. It is not me who to say who has to leave or stay. That corresponds freely to the shareholders ”, in allusion to the alleged rejection of some shareholders who have been exiting time.

This announcement came shortly after the Emiratí Taqa group communicated to the National Securities Market Commission (CNMV) that gave up its intention to launch the OPA for 100% of Naturgy, as announced two months before. It was the first time that Naturgy’s funds, whose investment cycle in the company expired several years ago, had been closer to the final solution for the sale of their participations, from the first shareholder, criteriacaixa, with 26%, until the government itself.

The rumors of alleged advanced negotiations for the departure of Blackrock and CVC have circulated again, including a new approach to Taqa, but “there is nothing safe in all this,” they indicate business sources, unless the funds are especially active in recent weeks . Last summer, the company held (there were conversations with the Portuguese government itself), which this company rejected.

New objectives

The current Naturgy Strategic Plan 2021-2025 dates back to July 2021 and was a review of the first of the It was Reynés, that this presented to investors in London in June 2018 with the motto of “more renewable, cleaner and more electric”. The currently valid road map established investments of 14,000 million in 2025, an EBITDA (gross exploitation benefit) of 4.8 billion and. Of the total investments, and 4,100 million to networks. The debt objective stood at 3.2 billion euros and the dividend by 1.20 euros per share, with a global distribution of 5,900 million.

The plan raised organic growth, maintaining financial discipline; consistent with the energy transition; with opportunistic assets to accelerate the transformation to renewables and networks and focused on countries with stable regulatory frameworks. A key point was also the reduction of volatility in natural gas supply commitments.

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