MADRID (Reuters) - Naturgy’s main shareholder on Monday reaffirmed its commitment to maintaining the Spanish energy group’s dividend policy and to building its stake in the firm, putting it at loggerheads with Australian bidder IFM. Investment group IFM launched a 4.9 billion euro ($5.8 billion) bid to acquire a 22.69% stake in Naturgy in January, but has since come into conflict with the company’s biggest shareholders. IFM said last Wednesday it would accept a reduced dividend from Naturgy to support its development plans, but a day later Naturgy said its board planned to stick with the current dividend policy regardless of the outcome of the bid. On Monday Isidre Faine, the chairman of the Caixabank banking foundation, which holds a 26.3% stake in Naturgy through its ownership of holding company Criteria, said Naturgy’s dividend “is a fundamental pillar of its revenues”. Faine said the foundation “reaffirmed its desire to strengthen its capital in Naturgy and to continue as the leading Spanish shareholder”. Criteria’s plans to increase its stake in Naturgy to up to 30% are seen by the market as an attempt to block the bid from IFM. A source had also told Reuters earlier this year that Criteria’s plan could clash with the IFM bid. The offer is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to 10%. The three main shareholders in Naturgy hold more than a combined 67% of the energy group, while Naturgy’s free-float stands at currently 27.58%. Naturgy’s shareholders have until Oct. 8 to accept the offer. Reporting by Jesús Aguado; Editing by Jan Harvey Our Standards: The Thomson Reuters Trust Principles.