Abu Dhabi's TAQA has reached out to CriteriaCaixa, the largest shareholder of Naturgy Energy Group, to explore the possibility of reviving an offer for a stake in the Spanish utility, according to sources cited by Bloomberg News. 

UAE Minister of Investment Mohamed Hassan Alsuwaidi, who is also the chairman of TAQA, traveled to Spain to meet with a CriteriaCaixa executive to discuss a potential deal. Criteria is willing to engage in discussions as long as TAQA does not pursue a majority stake and there are no diplomatic complications with Algeria, where Naturgy has significant operations.

Criteria holds a 26.7% stake in Naturgy and is also the main shareholder in lender Caixabank, as reported by LSEG data. 

While Naturgy and Criteria declined to provide comments, TAQA did not respond immediately to requests for information. 

Last year, TAQA approached Criteria regarding the 26.7% stake for a potential partnership, but no agreement was reached. Earlier in the year, Algeria indicated it would halt gas deliveries to Naturgy if the Spanish company opted to sell its shares to another entity.