[REVISION HISTORY]

Portuguese state defends REN stake acquisition

Updated 18 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-21 13:07 UTC → 2026-09-23 13:31 UTC · added ~~removed~~

Portuguese state ~~completes acquisition of~~ defends REN stake acquisition

The Portuguese state, acting through the state-owned vehicle Parpública, has completed the acquisition of a 13.7% stake in REN, the operator of the national electricity and natural gas transmission networks. The transaction involved the transfer of 91,723,676 shares from Pontegadea Inversiones, the investment firm owned by Amancio Ortega, ~~via an over-the-counter deal. The purchase price was~~ for approximately €389.8 ~~million, representing~~ million. This price represented a 15% premium over REN’s average market price from the preceding six months. Recent developments ~~have~~ brought the transaction under ~~intense~~ scrutiny regarding commission payments and potential conflicts of interest. André Ventura, leader of the Chega party, ~~has~~ demanded ~~immediate and transparent~~ explanations from Prime Minister Luís Montenegro, ~~highlighting reports that~~ questioning the ~~government paid a premium of 64~~ €64 million ~~euros~~ premium paid above the ~~stock~~ market price recorded the day before the ~~contract was signed on~~ August ~~14. Ventura is seeking to prevent a political scandal, questioning whether government members have received commissions or hold shares in the energy company. He has announced plans to summon~~ 14 contract signing. While the ~~Minister~~ Ministry of Finance ~~to Parliament~~ denied that key ministers held REN shares, concerns persisted regarding transparency laws that allow officials to ~~ensure the transaction was conducted~~ declare portfolio values without ~~personal enrichment by officials.~~ disclosing specific securities. In response to ~~these allegations, the Ministry of~~ parliamentary inquiries, Finance ~~stated that~~ Minister Joaquim Miranda Sarmento ~~and Secretaries of State José Maria Brandão de Brito and João Silva Lopes did not hold REN shares before, during, or after~~ defended the ~~acquisition. Additionally,~~ acquisition, describing the ~~Ministry of Environment maintains~~ 15% premium as “perfectly normal” for such an operation. He noted that the final price was lower than the seller's initial demand and cited financial analysis from Caixa BI, which estimated an appropriate premium between 13.9% and 16.3%. The Minister ~~Maria da Graça Carvalho holds no REN shares. However, concerns persist regarding transparency laws,~~ emphasized that maintaining State Grid as ~~current regulations allow officials~~ a major shareholder with a 25% stake is vital due to ~~declare total portfolio values without disclosing specific securities, making it difficult~~ shifting geopolitical landscapes. The government intends to ~~verify if key ministers hold~~ increase its total participation in REN ~~shares.~~ to 20%, a process currently under a “duty of reserve.”

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