The Government of Portugal has purchased 13.7% of Redes Energéticas Nacionais (REN) from Amancio Ortega for €389.8 million. The operation aims to strengthen its stake in the country's strategic energy sector.
The Government of Portugal has confirmed the purchase of **13.7%** of **Redes Energéticas Nacionais (REN)** from **Pontegadea**, the investment company of **Amancio Ortega**, for **€389.8 million**. This acquisition, which was made following the State's decision to increase its stake to **20%**, was communicated in a statement by the **Ministry of Finance**, according to Efe.
The operation included a cost of **€100,000** for legal and financial advice, provided by **Caixa Banco de Investimento** and the firm **Sérvulo e Associados**. The Executive argued that purchasing on the stock market was impractical due to the daily trading volume.
The purchase of **91,723,676 shares** was made at a price of **€4.25** per share, which incorporates a premium of nearly **15%** over the average quotation of the previous six months. This premium has been criticized by the **Socialist Party**, which believes it is unjustified.
The Portuguese State, now the **second largest shareholder** of REN, only behind the Chinese state-owned **State Grid**, seeks to ensure the security of critical infrastructures and the strategic nature of energy networks. The operation will not impact the budget balance or public debt.
The **Court of Auditors** authorised the transaction on **August 31**, although its review focused on legality rather than the merits of the decision. With this acquisition, the Government returns to the shareholding of REN after having sold its last stake in **2014**.
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