TAQA Withdraws from Naturgy Joint Takeover Bid: Final Decision Announced

Abu Dhabi's TAQA has finalized its decision to withdraw from joint takeover negotiations for Spanish gas firm Naturgy, according to El Mundo. Despite previous talks with private equity firms and Naturgy's largest shareholder, Criteria, TAQA has decided not to proceed with the bid. Naturgy declined to comment.

The board of Abu Dhabi's TAQA has decided to withdraw from negotiations to launch a joint takeover bid for Spanish gas firm Naturgy , El Mundo newspaper reported on Monday citing unidentified market sources. TAQA's decision to drop the joint bid with Spanish holding Criteria is final, El Mundo reported, citing people familiar with the talks.

Naturgy declined to comment while Criteria and TAQA were not immediately available for comment. TAQA had previously said it was in talks with private equity firms CVC and GIP - which each own more than 20% of Naturgy with a combined value of some $9 billion - to buy their stakes, as well as with Criteria, Naturgy's largest shareholder, about a possible partnership agreement.