IFM's $8b Spanish Naturgy bid hits hurdles

IFM’s $8b Spanish Naturgy bid hits hurdles
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IFM’s $8 billion cash bid for a 23 per cent stake in gas and electricity company Naturgy has hit hurdles as the Spanish group’s top shareholder, Criteria Caixa, buys more shares rather than selling them.
The Australian investment group’s global infrastructure fund offered to buy up to 220 million shares in Madrid-based Naturgy in January at €23 per share (including a 63¢ dividend) to secure a stake in a multinational company with an expanding renewable-energy portfolio.
IFM wants to take a stake of up to 23 per cent in Spanish energy group Naturgy, which operates gas and electricity networks as well as wind and solar farms. 

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