Abu Dhabi National Energy Company PJSC, known as Taqa, has initiated discussions to acquire a stake in Spain’s Naturgy Energy Group SA. Taqa’s chairman and UAE Minister of Investment, Mohamed Hassan Alsuwaidi, traveled to Spain to meet with executives from CriteriaCaixa SA, Naturgy’s largest shareholder, to explore a potential deal.
CriteriaCaixa holds a 26.7% stake in Naturgy and has expressed openness to negotiations under specific conditions: Taqa must not seek a majority stake, and the transaction should not provoke diplomatic tensions with Algeria, where Naturgy maintains significant operations. Algeria had previously cautioned that it would cease gas deliveries to Naturgy if the company sold shares to another entity.
This renewed engagement follows earlier attempts by Taqa to partner with CriteriaCaixa in acquiring a stake in Naturgy, which did not result in an agreement. Naturgy’s complex shareholder structure, with significant stakes held by entities such as CVC Capital Partners Plc, BlackRock Inc.’s Global Infrastructure Partners, and IFM Global Infrastructure LP, has posed challenges to the company’s strategic initiatives.
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