The Spanish from Gas Natural reject the merger: “There is nothing going on with EDP”

  • ECO News
  • 15 September 2017

Because of this week's news of an Iberian partnership, the chairman of Gas Natural said that "no operation" is being carried out with the Portuguese company EDP.

Isidro Fainé, chairman of Gas Natural. Comunidad de Madrid

Gas Natural wants to reinforce its European presence and is looking for a partner to create an Iberian giant. A merger with EDP was one of the possibilities that came up in the past days, but the Spanish company now denies their interest.

The company says it is “assessing all possible operations”. As an answer to the rumors about EDP, the CEO of Gas Natural Rafael Villaseca Marco told El Confidencial that “no operation is being made with that company”.

Rafael Villaseca Marco only acknowledges that “internationalization and diversification are the company’s future”. He also stated the company is betting on a project that “focuses on the distribution and production of renewable energies in Chile, Mexico and Brazil” — which are all markets in which EDP is present.

Although they deny their interest in EDP, ECO ascertained this Thursday that Isidro Fainé, Gas Natural’s chairman, was in Lisbon a few weeks ago to meet the Portuguese PM António Costa. The goal of the meeting was to convince the Government of the advantages of a merger between both companies.

Fainé is said to have proposed António Costa that after the merger, EDP Renováveis’ headquarters would go from Madrid to Lisbon, while the new headquarters of the merged company would be set in Barcelona, but with a Portuguese CEO in the first mandate.

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