In today’s briefing:
- Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting
Naturgy: Auto-OPA Arbitrage Outcomes and Path to Index Reweighting
- Naturgy’s auto-OPA was oversubscribed, leading to a low 10.27% proration and diminished arbitrage fill for public investors.
- Share price recovery post-offer (€27.30) boosted returns above modeled expectations.
- Planned treasury share placements may significantly increase free float and MSCI/FTSE index weights by 2026.
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