Calviño Replaces Maroto In The Naturgy Bid

Calviño replaces Maroto in the Naturgy bid. The third vice president of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calviño , will replace the Minister of Industry, Commerce and Tourism, Reyes Maroto , in the processing of the procedure and, where appropriate, the proposal to the Council of Ministers, of the Agreement authorizing the offer of the Australian fund IFM to acquire up to 22.69% of the share capital of Naturgy .

The fund has already delivered the pertinent documentation to Industry so that it can begin the administrative process imposed with the state of alarm , which requires that operations on a significant part or control of the capital of the companies.Strategic companies by third-country investors must be authorized by the State.

According to the royal decree published by the Official State Gazette (BOE) this Saturday, it is provided that Calviño is the one to replace Maroto after it was announced a few weeks ago that the head of the Department of Industry would abstain from said file “due to possible conflict of interests “, since her husband is an engineer and has worked at Naturgy.

Currently, Law 3/2015, of March 30, which regulates senior officials, prohibits them from resolving issues that “may bring harm or benefits” to their “family members, including their spouse.” On February 5, IFM submitted to the CNMV the request for authorization, including the prospectus, of its voluntary and partial public offering to acquire up to 22.69% of Naturgy’s share capital for about 5,060 million euros.

The effectiveness of the offer is subject to receiving the corresponding regulatory and competition authorizations, as well as reaching a minimum level of acceptance of at least 17% of the energy company’s share capital.

The CNMV has a period of 20 working days to approve the offer from the presentation. However, this period can be extended in time, since it will be restarted each time the agency requests additional information.

In addition, it must have the approval of the Council of Ministers for the operation, due to the shielding regulations approved last year by the Government due to the Covid-19 crisis, which allows the Executive to veto the purchase by a foreign investor of more 10% of a Spanish company in a strategic sector.

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