Abu Dhabi state energy firm Taqa announced on 11 June that it had ended discussions to buy Spanish gas utility Naturgy “and a transaction will not take place.”

Taqa previously on 17 April confirmed that it was in discussions with Naturgy shareholders Global Infrastructure Partners (GIP) and CVC Capital Partners “in relation to a possible acquisition of their shares in Naturgy. If such an acquisition occurs, this would trigger an offer for all the shares of Naturgy.” Taqa’s move came in coordination with a third Naturgy shareholder, Criteria Caixa, which also confirmed on 11 June that its collaboration with Taqa was at an end. Naturgy’s market valuation soared to over €24bn ($26bn) on the back of the initial announcement but this week fell back to €21bn. (CONTINUED - 182 WORDS)