Updated on Monday, 4 October 2021 – 19:58
He recalled its importance in the budget of his Obra Social, which allocates more than 500 million euros a year in social and cultural programs or research in science and health among others
Alberto Di LolliThe World
The president of the “La Caixa” Banking Foundation, Isidro Fain, considers that the Naturgy dividend is a “fundamental pillar of the income received by the Foundation and allocates” entirely “to its Obra Social, after IFM opened the door to” review “the dividend policy if your takeover bid is over 22.7% of energy is successful.
The Banking Foundation has come out in defense of the dividend this Monday “in light of the recent news that appeared in the media in relation to Naturgy’s shareholder remuneration policy”, expressing its “decided commitment to what was unanimously approved by the board of said company within the framework of its Strategic Plan 2021-2025 “and” especially “with regard to investor remuneration.
Its president, Isidro Fain, recalled in this regard the importance for the budget allocated to his Obra Social, “with the investment of more than 500 million euros each year in social programs, culture and science, research and health, and education and scholarships“.
According to Fain, the Foundation is “fully committed to Naturgy”. “And we reaffirm our desire to strengthen our capital and to continue as the reference Spanish shareholder.”
Naturgy has always been one of the main investments of the “La Caixa” Foundation, where today it owns 26.3% of the capital through the industrial holding CriteriaCaixa. According to its data, the dividends it receives annually from Naturgy “cover more than half of the annual expense of the La Caixa Banking Foundation’s social action, fully oriented towards the development of a society that gives more opportunities to those who need it most” .
Next Friday the 8th, the deadline for Naturgy shareholders to accept the partial voluntary public offer for the acquisition of shares launched by the Australian fund IFM ends.
The authorization of the OPA came after the approval of the Government to the operation, after IFM accepted all the conditions required by the Council of Ministers, such as maintaining the headquarters and a prudent dividend to continue with the investments and not addressing divestments other than those included in the Strategic Plan 2022-2025 or exclude it from the Stock Market or lose control of the subsidiaries that ensure the transport and distribution of energy in Spain.
The purchase offer is addressed to a maximum of 220,000,000 shares, representing 22.69% of Naturgy’s capital. The price offered is 22.07 euros per share.
Naturgy’s Board of Directors agreed not to attend the takeover bid even though it considered the offer “reasonable”. Neither will Criteria, the GIP and CVC funds, nor the Algerian Sonatrach, the leading shareholders of the energy company, with more than 70% of the capital, attend.
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