Portugal defends state acquisition of REN energy shares

Portuguese Finance Minister Joaquim Miranda Sarmento has defended the government's decision to acquire a 13.7% stake in REN, the company responsible for Portugal's electricity and natural gas networks. The state purchased the shares from Pontegadea Inversiones, an investment firm owned by Amancio Ortega, for approximately 389.8 million euros.

Miranda Sarmento addressed parliamentary inquiries regarding the 15% premium paid over the average market price of the last six months, describing it as “perfectly normal” for such an operation. He noted that the final price was actually lower than the seller's initial demand following negotiations. Financial analysis from Caixa BI supported this, estimating an appropriate premium between 13.9% and 16.3%.

The Minister emphasized that maintaining State Grid as a major shareholder with a 25% stake is vital for the country. He cited shifting geopolitical landscapes as the primary driver for the state's increased involvement in the energy sector. The Portuguese government intends to increase its total participation in REN to 20%, a process currently under a “duty of reserve.”