Naturgy falls after BlackRock exits stake at discount

Naturgy Energy

03/03/2026 08:32

** Shares in Naturgy NTGY.MC fall about 6% after BlackRock BLK.N sold its remaining  11.4% stake in the Spanish energy company through an accelerated bookbuilding

** The placement price of 110.8 million shares was at 25.20 euros per share, a 5.8% discount to the stock's Monday closing price of 26.76 euros

** BlackRock's exit is, above all, a supply shock that can weigh on the price for a few days even if the business does not change, says Sergio Avila, a senior analyst at brokerage firm IG

** " "If the final buyer is 'stable' — industrial, infrastructure fund or a core group — the market sees it as clearing overhang and improving visibility, and the share price usually rebounds. If it ends up very fragmented, liquidity increases but so does sensitivity to flows, and the share price can become more volatile," the analyst adds

** The stock is among the worst performers on Europe's benchmark STOXX 600 index .STOXX

(Reporting by Mireia Merino)

((mireia.merino@thomsonreuters.com))