Taqa Is Said to Weigh New Approach for Spain’s Naturgy (1)

Abu Dhabi National Energy Co. is considering reviving a plan to buy a stake in Naturgy Energy Group SA, the €23 billion ($24 billion) Spanish utility, people familiar with the matter said.

Taqa, as the state-controlled energy company is known, is working to decide whether or not to make a new bid for part of Naturgy, according to the people. It’s already been in touch with the Spanish government, which has indicated support for a deal, one of the people said.

Deliberations are ongoing and there’s no certainty that Taqa will proceed with a transaction, the people said, asking ...