IFM secures 10.83% of Spain's Naturgy shares in tender offer

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FILE PHOTO: The logo of Spanish energy company Naturgy at its headquarters in Madrid, Spain, October 9, 2018. REUTERS/Sergio Perez

MADRID (Reuters) – Spain’s stock market supervisor said on Thursday Australian fund IFM had secured 10.83% of the shares of Naturgy in a tender offer launched on Sept. 9 for up to 22.69% of the shares.

After securing the stake in Naturgy, IFM said it would waive the 17% threshold it had set to approve the acquisition and decided to make it effective, supervisor CNMV said, adding it had suspended trading of the shares.

IFM offered 22.07 euros per share, down from an original 23 euros per share offer, to buy 22.69% of Naturgy.

In August the government approved IFM’s stake purchase plan on the condition it would protect jobs, investment and the supply of gas and electricity.

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