The Executive explained that the acquisition operation of 13.7% of REN was kept under “strong reserve”. “In the government, only six rulers had prior knowledge of the concrete terms of this operation,” it is pointed out, clarifying that none of these “had or has any shares of REN before or during the time of acquisition.”.
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22/09/2026
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News to Minute, Lusa
A acquisition of 13.7% of REN's capital was maintained under “strong reserve”, since, “otherwise, if the information had been detailed in advance, there could be a possible market manipulation, leading to a potential rise in share price“, considered the Ministry of Finance, this Tuesday, in a statement. In the Executive, only “six rulers had prior knowledge of the concrete terms”, is also mentioned.
In the note sent to the essays, in which the guardianship gives an explanatory exhibition on REN's capital acquisition operation, it is then indicated that, “In the government, only six rulers had prior knowledge of the concrete terms of this operation”, these being “the prime minister (which authorised it) minister of State and Finance and minister for Environment and Energy (which signed the joint order authorising Parpublica to purchase up to 20% of REN) deputy Secretary of State and Budget, o secretary of State for Treasury and Finance and state Secretary for Energy“.
“ None of these six rulers who knew the concrete terms of the operation had or has any shares of REN before or during the time of acquisition.”, is still clarified.
The Ministry also sees that, “being to complete the operation that allows up to 20%, there are still aspects subject to reservation”, however, “having the Court of Auditors issued a favourable prior visa, the Government is now in a position to provide more information, it is possible to clarify some doubts that were, moreover, the object of analysis of the Court of Auditors and its previous visa”.
Purchase value of 13.7% without “direct effect on public debt”
The acquisition by the State of 13.7% of REN to Pontegadea Inversiones for EUR 389.8 million, has no “direct effect on public debt”, also guaranteed the government.
In this statement, in which it sought to clarify details about the operation, the Ministry of Finance indicated that “the acquisition value of EUR 389.8 million has often been compared with the EUR 400 million cost of the pension supplement or the EUR 400 million reduction of the IRS“.
For guardianship “this comparison makes no sense, because it is not public expenditure, but a financial operation”, stressing that, as the INE itself has already clarified, such an operation “[...] must be registered in the financial account, no impact on the ability/requirement of financing of public administrations (deficit/surplus) and no direct effect on public debt“.
Finance also highlighted that the premium paid, “which resulted from the negotiation process with Parública, was below 20% initially requested by Pontegadea Inversiones and further below the 50% premium, paid in 2012 by State Grid, for 25% of REN’s capital.”.
The guardianship recalled that about the lot of shares was paid a premium of 15%.
Finance also indicated in the same note that “It was reported to the Chinese government that the State’s entry in up to 20% of REN’s capital did not imply any change in State Grid’s 25% stake”, stressing that “on the contrary, it is interest of the Portuguese Government that State Grid remains a reference shareholder of REN“.
The government instructed Parública to acquire up to 20% of REN's capital, with the purchase by the State of 13.7% from Pontegadea the “first phase” of the operation, according to the procedure consulted by Lusa.
In a joint order of the Ministries of Finance and the Environment and Energy, dated 6 July and integrating the process of prior review of the operation referred to the Court of Auditors, the Government determines that the Parpública undertakes the “acquisition of shares” in REN – National Energy Networks “corresponding to up to 20% of its respective capital”.
O business with Pontegadea, investment company of Amancio Ortega, founder of Inditex, was completed this month, after the Court of Auditors saw the operation on 31 August.
According to the documentation of the case, the State paid EUR 389.8 million for the 91,723,676 shares, corresponding to 13.7% of REN’s capital, at a price of EUR 4,25 per share. The expenditure authorisation order set a maximum of EUR 4,28 per action, corresponding to an expenditure of up to EUR 392,58 million.
With this acquisition, the Portuguese State became the second largest shareholder of REN, behind State Grid Corporation of China, which holds 25%. Among the remaining shareholders with relevant shares are Fidelidade, with 5.3%, and the Spanish Corporación Masaveu and Redea, both with about 5%.
“ The new national and international context has highlighted the importance of critical infrastructure and strategic autonomy of States, giving particular centrality to electricity and gas transmission networks”, said the tutelage, pointing out that in the EU “Only Portugal did not have the State as a shareholder in the company that manages the National Electric Network”.