One of the major business operations in recent months will fall on the highest economic representative of the coalition government. The Third Vice President of the Government and Minister of Economic Affairs and Digital Transformation, Nadia Calvin, takes control and 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.
According to the brief royal decree published by the Official State Gazette (BOE) This Saturday, it is arranged that Calviño will 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 interest”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 on issues that “may bring harm or benefits” to their employees. “family members, including your 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 to reach a minimum level of acceptance of at least 17% of the energy company social 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, you must have that approval of the Council of Ministers to 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 than 10% of a Spanish company in a strategic sector.
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