The Portuguese State intends to hold a larger stake in Redes Energéticas Nacionais (REN), having mandated Parpública to proceed with the acquisition of shareholdings of up to 20% of the company's capital. The news, reported by Observador, indicates that the purchase of a 13.7% stake from the holding company of the Zara owner, Spanish businessman Amancio Ortega, constitutes the first phase of this process.
The decision is formalized in an order of July 6th, signed by the Ministers of Finance, Joaquim Miranda Sarmento, and the Economy, Manuel Castro Almeida, in which they instruct Parpública to proceed with the acquisition, although there are no details on how and when they intend to complete the operation.
The amount paid by the State to acquire the 13.7% from the Spanish holding company was 389.8 million euros, which is equivalent to 4.25 euros per share. This price incorporates a premium of 15% over the average share price of REN in the last six months, information that is included in the prior approval process granted by the Court of Auditors.
