European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Selected European HoldCos and DLC: April'24 Report

Selected European HoldCos and DLC: May'24 Report

Event-Driven

<ul>
<li>TAQA has admitted considering a full takeover of <a href="https://www.smartkarma.com/entities/naturgy-energy-group-sa" target="_blank" data-smartkarma-citation="entities:21271:1" rel="noopener">Naturgy Energy Group SA (NTGY SM)</a> and discussions with CriteriaCaixa regarding a possible cooperation pact, with CriteriaCaixa remaining a shareholder.</li>
<li>GIP and CVC have exceeded the typical investment maturity period and may be willing to dispose of their stakes in Naturgy if presented with a good offer.</li>
<li>The possibility of corporate actions could bolster the stock from these levels. I assign a &gt;50% probability to a full/partial takeover bid at around €25/26 per share actually materializing.</li>
</ul>


TAQA has admitted considering a full takeover of Naturgy Energy Group SA (NTGY SM) and discussions with CriteriaCaixa regarding a possible cooperation pact, with CriteriaCaixa remaining a shareholder.
GIP and CVC have exceeded the typical investment maturity period and may be willing to dispose of their stakes in Naturgy if presented with a good offer.
The possibility of corporate actions could bolster the stock from these levels. I assign a &gt;50% probability to a full/partial takeover bid at around €25/26 per share actually materializing.


Naturgy Energy Group SA

TAQA/Naturgy: Takeover Interest