The Spanish government did not intervene in the deal that brought the Portuguese state into REN's shareholding alongside businessman Amancio Ortega, according to a report by Expresso.
The Portuguese outlet, citing sources familiar with the matter, reported on Thursday that Madrid played no role in the transaction. The deal, which involved the state acquiring a stake in REN, the country's energy grid operator, has drawn attention due to Ortega's involvement — the founder of Inditex, the parent company of Zara.
Expresso's reporting suggests that the Spanish government's lack of involvement was notable, given the cross-border nature of the deal. The transaction has also sparked political debate in Portugal, with the Socialist Party (PS) saying it wanted to be consulted before the state bought into REN, according to RTP.
The deal has been a topic of discussion in Portuguese media, with Correio da Manhã reporting that the state paid a premium of €55 million to Ortega as part of the transaction. Meanwhile, Público noted that the United States welcomed the Portuguese state's entry into REN.
Expresso also raised questions about how the government plans to manage its new role in REN, describing the approach as one hand on the wheel and one on the brake. The report suggests the state is navigating a delicate balance between influence and restraint in its new position as a shareholder.
What to watch next: whether the government clarifies its strategy for REN and how it responds to political pressure over the terms of the deal.
