Naturgy: Shares rally after IFM offer

NMS Global

26/01/2021 09:54

(Updates share move, adds analysts and Naturgy comments)
    ** Shares in Naturgy  NTGY.MC  jump 16.1% after IFM
Investors announces offer for up to 22.69% stake in the Spanish
power company for 5.06 billion euros ($6.14 billion) urn:newsml:reuters.com:*:nL1N2K10FH
    ** The fund is offering 23 euros per Naturgy share, a 19.7%
premium over Naturgy's closing price on Monday
    ** JP Morgan and Renta 4 said they see the offer price as
attractive, above their target price for Naturgy
    **  In JP Morgan's view, the offer shows the value of
network-based European utilities to develop renewable platform
and the opportunities that the sector's reorganization offers
for them to grow inorganically
    ** Brokerage sees possible acquisition opportunities
emerging for European utilities such as Enel  ENEI.MI , Endesa
 ELE.MC , Iberdrola  IBE.MC , EDP  EDP.LS  or Engie  ENGIE.PA 
    ** Spanish brokerage Renta 4 said they think it would be
reasonable for Naturgy to accept IFM's offer 
    ** Naturgy said it would comment on offer when required
 urn:newsml:reuters.com:*:nFWN2K10HF
    ** Shares are at its highest in 11 months
    


($1 = 0.8243 euros)

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))