Spain’s Naturgy explores merger with EDP
CriteriaCaixa, which owns 26.7% of the Spanish energy company Naturgy, has already approached China Three Gorges to assess the openness of its operation in the Portuguese power company.
CriteriaCaixa — the largest shareholder in Spanish energy company Naturgy, with a 26.7% stake — has once again explored the possibility of a merger with EDP, in the current context of stock market devaluation and dissatisfaction with the management of Miguel Stilwell d’Andrade. According to Jornal Económico, the Spanish group has contacted shareholders of the Portuguese electricity company, namely China Three Gorges (CTG), which holds 21.8% of EDP’s capital and is its largest shareholder, to assess the openness of a takeover operation.
Sources with knowledge of the process say that the Portuguese government was also informally approached, but said that the acquisition of EDP is a matter for the shareholders, who met on Thursday in a general meeting. The possibility of a takeover bid for EDP has not yet been decided. Within EDP, the scenario of delisting EDP Renováveis is being discussed, protecting it from a turbulent time.
Donald Trump’s arrival in the White House has created instability in one of EDP’s main markets and uncertainty, particularly about the future of renewable energies, technologies that serve as a pillar of the Portuguese listed company’s business. According to data from the most recent internal survey, answered by 90% of employees, the confidence index in management deteriorated substantially in 2024.