Portuguese state completes purchase of 13.7% in REN

Portugal’s state holding company Parpública has completed the purchase of a 13.7% stake in REN from Pontegadea Inversiones, the investment vehicle of Zara founder Amancio Ortega, according to a market filing sent through REN.

Pontegadea said it sold 91,723,676 REN shares to Parpública in an over-the-counter transaction after the prior approval of Portugal’s audit court, Tribunal de Contas, was obtained. That approval had been the suspensive condition in the sale and purchase agreement signed with Parpública on August 14.

The value of the transaction was not disclosed in the filing, either now or when the agreement was announced. ECO previously reported that the deal was conditional only on the audit court’s clearance, while Prime Minister Luís Montenegro had justified the purchase as a way to protect the national interest and influence strategic investment decisions, as well as help lower energy prices.

In the same filing, Pontegadea said it no longer holds a qualifying stake in REN and no longer owns any shares or voting rights in the company. Before the sale, it was REN’s second-largest shareholder, while State Grid Corporation of China remained the largest with 25%.

Originally published at Eco.pt