Last night, Repsol reported an increase in its first-quarter refining margin compared with the fourth quarter of 2023, an announcement that was well received on the Madrid Stock Exchange on Thursday.
IFM offers $8b for stake in Spanish power group
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IFM Investors is making an $8 billion cash bid for a 23 per cent stake in Spanish gas and electricity group Naturgy Energy in a proposal that would boost its exposure to renewable energy assets.
The friendly offer by the Australian investment group’s global infrastructure fund for up to 220 million shares in Madrid-based Naturgy would give IFM stock in a multinational company with an expanding renewable energy portfolio.
Kyle Mangini, IFM’s global head of infrastructure, said that Naturgy had been a leader in decarbonising.
Naturgy’s Australian assets include NSW’s Crookwell II wind farm