European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Naturgy: CVC Exit Completes Float Reset as Index Weight Upside Accelerates

IBEX Review: Naturgy Emerges as the Main Beneficiary

Naturgy: From Overhang to Index Weight Expansion

Naturgy Float Surges to 25.8% – Index Weight and Passive Flows Set to Rise

Naturgy Ownership Reshuffle Deepens – Index Weight and Flows Poised to Rise Further

Event-Driven

<ul>
<li>Criteria raises stake to 28.5% via BlackRock ABB, absorbing 2.5% of the block and confirming strategic support while lifting Naturgy’s free float to ~33.3%, versus ~11% before the 2025 auto-OPA.</li>
<li>Float expansion remains ongoing rather than exhausted. Criteria’s partial participation suggests disciplined accumulation, leaving room for further supply absorption should CVC (13.8%) ultimately pursue an exit.</li>
<li>At 33.3% float, Naturgy’s index relevance continues to rise; a full CVC exit could lift float toward ~47%, materially increasing float-adjusted market cap and reinforcing the €250–350m passive demand envelope.</li>
</ul>


Criteria raises stake to 28.5% via BlackRock ABB, absorbing 2.5% of the block and confirming strategic support while lifting Naturgy’s free float to ~33.3%, versus ~11% before the 2025 auto-OPA.
Float expansion remains ongoing rather than exhausted. Criteria’s partial participation suggests disciplined accumulation, leaving room for further supply absorption should CVC (13.8%) ultimately pursue an exit.
At 33.3% float, Naturgy’s index relevance continues to rise; a full CVC exit could lift float toward ~47%, materially increasing float-adjusted market cap and reinforcing the €250–350m passive demand envelope.


Naturgy: Criteria Raises Stake to 28.5% as Float Expands

Naturgy Energy Group SA

Naturgy: Criteria Raises Stake to 28.5% as Float Expands