Tags: Naturgy, Taqa, Algeria, Spain, United Arab Emirates, Sonatrach, gas, Morocco,
Negotiations for the sale of shares in the share capital of the Spanish energy group Naturgy to the Emirati company Taqa have failed, indicates the Spanish daily El Mundo, which cited sources close to the matter.
It should be remembered that last April, the Spanish government welcomed an offer from the Emirati company Taqa while affirming that it would defend the country’s strategic interests. Sources had even announced that the government of Pedro Sanchez, within the framework of the OPA (Public Purchase Offer) launched, had started negotiations with the main shareholders of Naturgy including Sonatrach which holds 4.1% of the shares in the social capital of the group.
Citing the secretary general of Taqa, Mohamed Adnane Chorfi, without stating the reasons which led to the failure of negotiations with Naturgy, affirmed that the file is closed. For its part, El Mundo announced that the largest takeover bid expected on the Spanish market, with an offer exceeding 25 billion euros, fell through after the unexpected withdrawal of Taqa from the negotiations.
It should be noted that this operation, carried out jointly with Criteria, aimed to sell the shares of the CVC and GIP funds, which hold more than 40% of the Spanish energy company, to ensure the stability of the group which had begun to experience difficulties in recent months. . However, other sources indicated that among the reasons for the failure of the negotiations was Sonatrach’s refusal to see Spain deliver part of Algerian gas to Morocco.
In this context, he clarified that Sonatrach holds shares in the capital of the Spanish group and holds 51% of the Medgaz gas pipeline, which is now deactivated. Sonatrach had even threatened, last May, to stop its gas deliveries to Spain if the takeover bid was successful. Spanish newspapers had estimated that the irruption of the Emirati company into the “Algerian strategic energy space” was ultimately aimed at circumventing the embargo decreed on Algerian gas deliveries to Morocco.
“Taqa intended to deliver part of the gas from the new group that it intended to set up once the acquisition of Naturgy in Morocco, and we refuse to allow our gas to be delivered to Rabat in a way that does not satisfy us,” indicated these media citing Sonatrach sources.
Ultimately, the failure of negotiations between Spain and the Emirates constitutes a success for the company Sonatrach, which asserted its position as a shareholder of Naturgy and Spain’s leading supplier of natural gas. Currently, Sonatrach’s deliveries cover 46% of this country’s market needs.
Slimane B.
Source: Le Courrier d’Algérie
#Algeria #Emirates #Taqa #Sonatrach #Naturgy #Morocco #Gas #Spain
