In today’s briefing:
- Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule
Naturgy’s Share Repurchase: Potential €200+ Gain with Spanish Odd-Lot Tender Offer Priority Rule
- Naturgy’s tender offer allows repurchase of 9% shares at €26.5/share, with a priority for small accounts.
- Spanish regulators approved the tender; odd-lot priority rule may set threshold around 400 shares for priority.
- Linear distribution allocates 25% of shares equally; excess distributed proportionally, affecting shareholder participation outcomes.
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