(Bloomberg) -- Naturgy Energy Group SA’s biggest shareholder will explore new alternatives for ownership of the Spanish utility after talks with Abu Dhabi National Energy Co. to acquire the company collapsed, according to officials at investor Criteria Caixa SA. 

Criteria, the financial holding company that owns 27% of Naturgy, will look as soon as possible for another investor willing to agree on a long-term growth plan for the energy firm, the company officials said, asking not to be identified discussing private information. Criteria would prefer to work alongside a partner rather that on its own, they said.

A spokesperson for Criteria declined to comment.

Conversations between Criteria and the Abu Dhabi-based company, known as Taqa, were announced in mid-April and fell apart last week. Taqa made additional demands on corporate governance and shareholder control, a person familiar with the matter said last week. Criteria rebuffed the demands, arguing they weren’t in line with the original memorandum of understanding between the two parties, that person said.

Shares of Naturgy have dropped 24% so far this year.

Naturgy is Spain’s third-largest utility and main natural gas company. It’s part of Criteria’s core portfolio, the holding company said in the new 2030 investment plan unveiled on Monday.

Other Naturgy shareholders include Global Infrastructure Partners and CVC Capital Partners, which each own about 21%. Australian infrastructure group IFM holds about 15% of Naturgy.

--With assistance from Jorge Zuloaga.

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