In today’s briefing:
- It’s a No Deal, But…
It’s a No Deal, But…
- Abu Dhabi National Energy (TAQA UH) has unexpectedly withdrawn from negotiations to launch a takeover bid for Naturgy Energy Group SA (NTGY SM) with CriteriaCaixa.
- Criteria may continue to explore other options. CriteriaCaixa and IFM may reconcile. IFM could offer a solution for the exit of CVC and GIP, could potentially increase its stake.
- A joint offer from CriteriaCaixa and IFM could well happen. At the current price, I would be long Naturgy, plus one gets paid to wait. Dividend yield is 6.6%.
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