Portugal re-enters REN capital via 13.7% stake purchase

The Portuguese state is returning to the capital of Redes Energéticas Nacionais (REN), the company responsible for managing the national electricity and gas networks. Through Parpública, the state has agreed to acquire a 13.7% stake from Pontegadea Inversiones, the investment vehicle of Amancio Ortega.

Prime Minister Luís Montenegro defended the move as a strategic necessity to safeguard national interests and protect energy infrastructure, stating the goal is to eventually help lower energy prices. The transaction, which involves the transfer of approximately 91.7 million shares, is currently awaiting approval from the Court of Auditors.

The acquisition has drawn political scrutiny. The Socialist Party (PS) has questioned the transparency of the deal, specifically the total cost and the source of funding, arguing that a 13.7% minority stake may not be sufficient to influence investment policies. Meanwhile, market reaction saw REN shares drop approximately 1% following the announcement.

This marks the state's return to the company's capital 12 years after its full exit during the privatization process in 2014. State Grid, the Chinese energy giant, remains the largest shareholder with a 25% stake.