Spain Approves Australian Partial Takeover Of Energy Firm
Umer Jamshaid Published August 03, 2021 | 07:29 PM
The Spanish government said Tuesday it has approved Australian fund IFM's partial takeover bid for energy group Naturgy on the condition that it maintain its activity in Spain
Madrid, (APP - UrduPoint / Pakistan Point News - 3rd Aug, 2021 ) :The Spanish government said Tuesday it has approved Australian fund IFM's partial takeover bid for energy group Naturgy on the condition that it maintain its activity in Spain.
IFM in January offered five billion Euros ($6 billion) for a 22.7 percent stake in Naturgy in an unsolicited bid and the government had been assessing whether to allow the transaction to go ahead.
Naturgy owns a 49 percent stake in the Medgaz pipeline, which carries natural gas from Algeria to Spain. Algeria is Spain's main natural gas supplier.
"The main objective of the conditions set is to protect the public interest through the maintenance of (Naturgy's) headquarters and activity in Spain," the Spanish economy ministry said in a statement.
IFM will also have to "guarantee prudent financial management", maintain investments in green anergy and ensure that a "significant" number of the company's jobs in Spain are maintained, it added.
Under new rules introduced in March 2020 by Prime Minister Pedro Sanchez's leftist government, foreign firms seeking to buy more than 10 percent of a Spanish firm deemed "strategic" must obtain the green light from the cabinet.
IFM must now seek approval for its partial takeover bid from Spain's stock market regulator.
A longtime major producer and trader of natural gas, Naturgy is trying to shift to renewable energy that governments across the world hope will reduce their dependence on planet-warming fossil fuels.
It has invested in wind and solar power in Spain, Australia and Chile.
Related Topics
Recent Stories
Pakistan strongly reacts to US sanctions over commercial entities’ links with ..
Justice Ishtiaq Ibrahim takes oath as PHC Chief Justice
Mohammad Rizwan likely to be made vice-captain of T20I team
Realme C53 Price Slash: High-Tech Meets High Style at New Low Price!
CPEC has given new boost to economic, cultural relations b/w Pakistan, China: PM
Imran Khan's wife Bushra Bibi's medical tests conducted on court orders
Pakistan requesting multi-billion-dollar loan programme from IMF: Finance Minist ..
Passing out parade of cadets at PMA Kakul
Govt bringing reforms in energy, revenue collection, SOEs: Aurangzeb
Pakistan, New Zealand to face off in 2nd T20I match at Rawalpindi today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 20 April 2024
Today Gold Rate in Pakistan 20 April 2024
More Stories From World
-
Blast at Iraq army base kills one, wounds others
17 minutes ago -
Chinese swimmers failed doping tests ahead of Tokyo Olympics: NY Times
18 minutes ago -
Sweden's Duplantis betters own pole vault world record
18 minutes ago -
Chinese company releases world's highest thermal efficiency diesel engine in Tianjin
18 minutes ago -
UK rules out youth mobility deal with EU
57 minutes ago -
Iran, Israel appear to pull back from brink as Gaza bombed again
57 minutes ago
-
AI a 'fundamental change in the news ecosystem': expert
1 hour ago -
Civilians killed as Ukraine, Russia trade strikes
1 hour ago -
China says AUKUS risks nuclear proliferation in Pacific
1 hour ago -
Emphatic Verstappen enjoys 'incredible' pole after China sprint win
1 hour ago -
Chinese swimmers failed doping tests ahead of Tokyo Olympics: NY Times
1 hour ago -
O'Callaghan upstages Olympic champion Titmus as McKeown challenges world record
2 hours ago