Spanish gas distributor Gas Natural SDG SA (GAS.MC) isn't looking to make any acquisitions at the moment, Chairman Salvador Gabarro said Wednesday.
Speaking at a press conference ahead of the company's annual general meeting in Barcelona, Gabarro said Gas Natural is "focussed on its strategic plan and doesn't need purchases to keep growing," Gabarro said.
Gabarro said the company could look at acquisitions in the future, but would only make a move if a potential deal was highly profitable and didn't divert the company from the objectives of its 2008-2012 strategic plan, which calls for 8% average net profit growth each year.
Gabarro said Gas Natural is worth double its market capitalization, or roughly EUR32.90 billion.
Last month, tie-up talks between Gas Natural and Iberdrola SA (IBE.MC) became deadlocked due to disagreements over the future shape of the resulting company, people close to the situation said.
"Gas Natural hasn't spoken to Iberdrola about a merger," Gabarro said.
Gas Natural is Spain's top natural gas distributor and Iberdrola is the country's largest power company by market value.