Another Emirati Failure: “TAQA” Withdraws Again from Takeover Bid for Spain’s Naturgy amid Algerian Resistance

✍️ BY: Dzair Tube

After a second failed attempt to acquire a major stake in Naturgy, Spain’s leading gas company, the UAE’s TAQA faces mounting resistance from Algeria and political hesitation in Madrid.

Algiers, Algeria | May 26th, 2025 — In a striking diplomatic and economic setback for the United Arab Emirates, Spanish newspaper El Independiente has reported that the Emirati energy company TAQA has once again withdrawn its bid to acquire a significant stake in Naturgy, Spain’s primary gas supplier and key partner of Algeria’s Sonatrach. This marks the second time TAQA has abandoned the takeover attempt, a move interpreted as a capitulation in the face of Algeria’s firm opposition and a lack of political will in Madrid to override this resistance.

The financial director of TAQA, Steve Ridlington, publicly denied any intention to pursue the acquisition of shares in Naturgy, a declaration that El Independiente viewed as a thinly veiled acknowledgment of the company’s inability to bypass the Algerian veto. Algeria, through Sonatrach, remains a decisive player in Spain’s energy supply chain and has expressed strong objections to any takeover that could jeopardize its strategic influence in the region.

UAE’s Covert Moves Met with Firm Resistance

Spanish media outlets had previously revealed that TAQA had discreetly reopened negotiations to purchase a controlling share in Naturgy, approaching key shareholders—namely, investment funds CVC Capital Partners and GIP-BlackRock—each holding a 20% stake in the energy company. According to an article by El Debate published on Thursday, TAQA executives even met with Spanish Prime Minister Pedro Sánchez during the recent Davos summit to revive the conversation around the controversial acquisition.

Sources confirmed that Sánchez was non-committal but hinted at the possibility of reviewing the acquisition proposal, suggesting that the matter was far from settled politically. However, Algeria’s influence looms large.

Another Spanish newspaper, El Español, disclosed that both CVC and GIP may be open to negotiations with TAQA, which could result in a transfer of up to 40% of Naturgy’s capital. According to Spanish financial regulations, surpassing the 30% threshold would allow TAQA to issue a formal full acquisition offer for 100% ownership of Naturgy.

Despite these behind-the-scenes maneuvers, Algeria’s swift reaction has proven decisive. When the takeover proposal resurfaced in mid-April, Algerian authorities reportedly intervened diplomatically, reaffirming their categorical rejection of the move. Algeria, through Sonatrach, sees the UAE’s increasing involvement in the Spanish energy market as a direct threat to its long-standing role as Spain’s principal natural gas supplier.

Algeria’s Veto Halts Emirati Ambitions

In response to the Algerian pressure, the Spanish government activated its “golden share” mechanism—known as the right of first refusal—effectively blocking the execution of the deal. Analysts cited by Spanish outlets argued that the acquisition, if successful, could have had disastrous implications for Madrid’s energy independence and geopolitical balance.

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