MADRID – The Spanish government has authorized BlackRock (NYSE: BLK) to take the 20% stake in power utility Naturgy it bought when taking over investment fund GIP in January, the Cinco Dias newspaper reported on Wednesday, citing sources at the Economy Ministry.
Foreign companies must secure government approval when buying large stakes in listed Spanish companies deemed strategic. BlackRock became a Naturgy shareholder when it bought GIP in a deal valued at $12.5 billion earlier this year.
A spokesperson at the Economy Ministry confirmed the approval.
Other large shareholders in Naturgy are Spanish holding company Criteria with a 26.7% stake and Australian fund IFM with a 15.01% stake, LSEG data shows.
($1 = 0.8994 euros)
(Source: ReutersReuters)
