Portugal targets up to 20% stake in grid operator REN
Portugal has instructed state holding company Parpública to buy up to 20% of REN, expanding the state’s role in the operator of the country’s power and gas networks.
Portugal’s government has instructed state holding company Parpública to acquire up to 20% of REN, the operator of the country’s electricity and gas networks, broadening the state’s return to a strategic infrastructure company with direct relevance for energy policy and investors.
The move follows the state’s purchase of a 13.7% stake from Pontegadea Inversiones, the investment vehicle of Zara owner Amancio Ortega. According to the material cited, the mandate is set out in an order dated July 6 and signed by Finance Minister Joaquim Miranda Sarmento and Economy Minister Manuel Castro Almeida, although no details were given on how or when Parpública would buy additional shares.
Parpública confirmed on Tuesday that the Portuguese state had become a REN shareholder after completing the acquisition of 91.7 million shares. The deal was signed on August 14 and gave the state a qualifying holding above both the 5% and 10% voting-rights thresholds.
According to the information underpinning prior approval by Portugal’s audit court, the 13.7% stake cost €389.8 million, or €4.25 per share, representing a 15% premium to REN’s average share price over the previous six months. Before the sale, Pontegadea was REN’s second-largest shareholder, while China’s State Grid Corporation remains the largest with 25%.
Originally published at Eco.pt
