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Investing.com -- The United Arab Emirates’ power company, Taqa, has renewed its interest in acquiring a stake in Naturgy Energy Group SA, a Spanish utility valued at $26 billion. According to Bloomberg News, citing sources familiar with the matter, Taqa’s chairman, Mohamed Hassan Alsuwaidi, traveled to Spain to discuss the potential deal with an executive from CriteriaCaixa SA, Naturgy’s largest shareholder.
Alsuwaidi, who also serves as the UAE’s investment minister, met with representatives from Criteria, which currently holds a 26.7% stake in Naturgy. The Spanish company has expressed openness to discussions, provided two conditions are met. Firstly, Taqa cannot aim to acquire a majority stake in Naturgy. Secondly, there must be no diplomatic conflicts with Algeria, where Naturgy conducts substantial business.
In addition, Criteria has stipulated that it will not accept a deal that would reduce it to a minor shareholder in Naturgy. The discussions between the two companies are ongoing, and there is no guarantee that a transaction will be finalized. Both Taqa and Criteria are still considering the potential deal, with no clear decision made as of yet.
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