{"id":91153,"date":"2024-04-22T00:00:00","date_gmt":"2024-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/"},"modified":"2024-04-22T00:00:00","modified_gmt":"2024-04-22T00:00:00","slug":"taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/","title":{"rendered":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest"},"content":{"rendered":"

Could Spain and Algeria throw a wrench in Taqa\u2019s potential Naturgy takeover?<\/strong> The Spanish and Algerian governments are each considering potentially blocking or otherwise negotiating more preferential terms for Abu Dhabi National Energy Company\u2019s (Taqa) potential acquisition<\/a> in Spanish gas producer and renewable energy player Naturgy, according to separate reports from Spain\u2019s El Debate<\/a> and Algerian newspaper Echorouk El Yawmi<\/a>.<\/p>\n

Spain is considering its options:<\/strong> Spain\u2019s S\u00e1nchez government is reportedly looking to \u201cfacilitate\u201d Taqa\u2019s takeover bid for 100% of Naturgy, on the condition that Taqa would then sell back 10-15% of the company to the Spanish government, El Debate reports, citing sources it says have firsthand knowledge of the matter. The government is reportedly looking to ensure it maintains a stake in Naturgy, which it considers to be a \u201cstrategic company\u201d since it is Spain\u2019s main gas supplier, El Debate says. If the government is unable to reach an agreement to that effect, it could move to block the transaction altogether, according to El Debate\u2019s sources. <\/p>\n

Enter the \u201canti-takeover shield\u201d:<\/strong> Spain introduced legislation back in 2020 (pdf)<\/a> introducing a system known as the \u201canti-takeover shield\u201d that granted the government the right to veto foreign investors\u2019 acquisitions of companies deemed to be \u201cstrategic.\u201d The regulation applies to the acquisition of a stake of 10% or more of listed companies, or acquisitions valued at EUR 500 mn or more for unlisted companies. The rules were initially introduced during covid-19, when foreign investors were vying for acquisitions to capitalize on market volatility that saw company valuations plummet, according to Chambers and Partners<\/a>. With these rules in place, the Spanish government has the authority to block Taqa\u2019s takeover bid for Naturgy, El Debate explains.<\/p>\n

IN CONTEXT- Spanish protectionism is in display right now<\/strong> as the government there looks to ensure Saudi telecom operator Stc doesn\u2019t become the largest single shareholder in mobile network outfit Telefonica, EnterpriseAM Saudi<\/a> has reported.<\/p>\n

Algeria is reportedly also not too keen on the agreement<\/strong>, and could move to block the transaction, Echorouk says, without providing further details. Algerian state-owned oil company Sonatrach holds a 4.1% stake in Naturgy and is a major international partner of the Spanish energy company. Naturgy purchases Algerian gas, which is transported through the Medgaz pipeline from Algeria\u2019s Beni Saf to the South of Spain. Sonatrach holds a 51% stake in the pipeline, with Naturgy holding the remaining balance. <\/p>\n

Background:<\/strong> Taqa is in discussions with Naturgy\u2019s two largest shareholders \u2014 CVC and GIP \u2014 to potentially acquire their stakes in the Spanish company. Taqa is also discussing \u201ca potential cooperation in relation to Naturgy\u201d with Naturgy\u2019s largest shareholder, Criteria Caixa, it confirmed last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

Spain has an \u201canti-takeover shield\u201d in place that grants it the right to block foreign takeover bids<\/p>\n","protected":false},"author":1,"featured_media":91154,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,1344,60,1159,152],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-ma","tag-ma-watch","tag-naturgy","tag-taqa","wpautop","entry"],"acf":{"mongo_id":"74706d6e-3315-4796-99f7-ca904f248f8b","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1075.JPG","photo_position":"above","homepage_title":"","full_issue_title":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest","related_issue":[91147],"teaser":"Spain has an \u201canti-takeover shield\u201d in place that grants it the right to block foreign takeover bids","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.3485b4db-5163-4177-8bcb-f41e61683516.mp3"},"yoast_head":"\nTaqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest\" \/>\n<meta property=\"og:description\" content=\"Spain has an \u201canti-takeover shield\u201d in place that grants it the right to block foreign takeover bids\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-22T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest\",\"datePublished\":\"2024-04-22T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\"},\"wordCount\":456,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM UAE\",\"M&A\",\"M&A WATCH\",\"Naturgy\",\"Taqa\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\",\"name\":\"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest - UAE\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1\",\"datePublished\":\"2024-04-22T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/uae\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#website\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"name\":\"UAE\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\",\"name\":\"UAE\",\"url\":\"https:\/\/enterpriseam.com\/uae\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"UAE\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest - UAE","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/","og_locale":"en_US","og_type":"article","og_title":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest","og_description":"Spain has an \u201canti-takeover shield\u201d in place that grants it the right to block foreign takeover bids","og_url":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/","og_site_name":"UAE","article_published_time":"2024-04-22T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest","datePublished":"2024-04-22T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/"},"wordCount":456,"publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1","keywords":["EnterpriseAM UAE","M&A","M&A WATCH","Naturgy","Taqa"],"articleSection":["M&A WATCH"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/","url":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/","name":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest - UAE","isPartOf":{"@id":"https:\/\/enterpriseam.com\/uae\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1","datePublished":"2024-04-22T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/uae\/2024\/04\/22\/taqas-naturgy-bid-could-hit-resistance-in-spain-algeria-reports-suggest\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/uae\/"},{"@type":"ListItem","position":2,"name":"Taqa\u2019s Naturgy bid could hit resistance in Spain + Algeria, reports suggest"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/uae\/#website","url":"https:\/\/enterpriseam.com\/uae\/","name":"UAE","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/uae\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/uae\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/uae\/#organization","name":"UAE","url":"https:\/\/enterpriseam.com\/uae\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"UAE"},"image":{"@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/uae\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1075.JPG?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/91153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/comments?post=91153"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/posts\/91153\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/issue\/91147"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media\/91154"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/media?parent=91153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/categories?post=91153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/tags?post=91153"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/brand?post=91153"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/uae\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=91153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}