Lisbon, Sept. 23, 2026 (Lusa) - Portugal's minister of finance on Wednesday justified the State's purchase of a 13.7% stake in the electricity and gas grid managing company, REN, from Pontegadea Inversiones – owned by the founder of Zara – on the grounds that it is the second-largest shareholder, making it easier to reach a 20% stake in the company.
When questioned at a parliamentary hearing about the details of the transaction and the fact that the State had not purchased the shares on the open market (by buying shares held by various investors), Joaquim Miranda Sarmento said that, «as it was not possible to go to the stock market», the Government had decided to approach the largest shareholder – who, after State Grid, held more than 10% of the capital – to find out whether they were willing to negotiate.
If the response had been negative, the Government would have had «to find other alternatives amongst other shareholders», in a process that would have made it more difficult to meet the objective of the State acquiring a 20% stake in REN, he said, whilst appearing before the Committee on the Budget, Finance and Public Administration at the request of the IL and Chega.
The minister revealed that the Spanish group, which at the time owned the 13.7% stake in REN now held by the State, understood the reasons of state and the geopolitical considerations invoked by the Government, and decided to sell its stake because the Portuguese State was the prospective buyer.
«We asked the Spanish company if it was willing to sell» and, «a few days later, they replied in the affirmative, stating that they were selling because it was a request from the State – had it been a private buyer, they would not have wanted to sell because they felt comfortable with the deal», he explained.
The investment company Pontegadea Inversiones is owned by the businessman Amancio Ortega, founder of Inditex, the parent company of Zara.
The 13.7% stake was purchased for €389.8 million, with the Government's aim being for the State to acquire a stake of up to 20% in the capital of the company responsible for ensuring the supply of electricity and natural gas in mainland Portugal.
The negotiations were conducted entirely by the state business manager, Parpública, and, within the Portuguese Government, only six ministers were aware of the operation – the prime minister, the minister of finance, the minister for the environment, the deputy secretary of state for the budget, the secretary of state for the treasury and finance, and the secretary of state for energy, he explained.
In a statement released on the eve of the hearing, the Ministry of Finance had already explained why the Government had chosen not to purchase the shares on the stock market.
Although REN has around 40% of its capital held by small shareholders, «it has a very low level of liquidity (the number of shares traded daily on the stock market)», which «makes it difficult to acquire a significant stake via the market and limits the availability of relevant blocks of shares», the ministry stated.
At today's hearing, the minister emphasised that the amount paid to the Spanish shareholder was based on the average share price over the last six months, plus a 15% premium – a percentage that Miranda Sarmento said was «within the normal range» for this type of transaction.
From the Government's perspective, a public stake of up to 20% will allow the State to «have a different say» on strategic operations and the investment to be made by the company in the coming years, he said.
The minister considered it important that the Chinese company State Grid, REN's main shareholder, retains its 25% stake in the company, emphasising that Portugal maintains excellent relations with China.
PCT/AYLS // AYLS
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