Naturgy Energy, the power company with LNG operations from Puerto Rico to Europe and pipeline gas networks from Algeria to South America, is no longer being targeted for a takeover by a company from Abu Dhabi in the United Arab Emirates.
TAQA, a power and water utility founded in 2005, had been in negotiations to acquire Spain's largest gas company, together with contracts with Algeria and also a long-term contract to import some 2.25 million tonnes per annum Russian LNG.
Under its formal name, Abu Dhabi National Energy Company (TAQA), the UAE company was aiming to acquire the stakes of equity funds that own a large proportion of Naturgy shares.
The UAE company, which is itself listed on Abu Dhabi Securities Exchange (ADX), is an international energy and water operator with a presence in 11 countries.
However, the board of Abu Dhabi's TAQA has decided to withdraw from negotiations that would have launched a joint takeover bid for Naturgy along with Spanish holding company Criteria Caixa.
TAQA's decision to drop the joint bid with Spain’s Criteria Caixa was final, according to investment banks involved in the talks.
TAQA had initially said it was also in talks with two private equity firms CVC and GIP, each owning more than 20 percent of Naturgy, to acquire their stakes.
The Abu Dhabi company's talks with Criteria Caixa involved its ownership of a 26.7 percent stake in Naturgy and a possible partnership agreement between TAQA and Criteria Caixa.
