IFM Global Infrastructure Fund completed a €5.1bn ($6.2bn) tender offer for a 22.69% stake in Naturgy Energy, a global gas and electric utility company. The company is looking to expand its presence in the fast-growing renewable energy generation sector. Two major shareholders, Rioja Acquisition and GIP III Canary 1, which own a total of 41.4% in Naturgy, have decided not to hand over their shares, but will vote to give the fund the right to appoint members of Naturgy’s board. On January 28, 2021, the Spanish government stated that it will analyze whether to authorize the deal. On February 17, 2021, the Spanish minister withdraws from talks on Naturgy bid over conflict of interest. On September 24, 2021, Naturgy’s shareholder rejects IFM bid.