MADRID (Reuters) - Australian fund IFM said on Thursday it had secured a 10.83% holding in Spanish energy group Naturgy for 2.32 billion euros ($2.69 billion) in a tender offer, less than half of what it had initially sought to buy. IFM, which launched a partial takeover offer last month to acquire a 22.69% stake in the company for 22.07 euros a share or around 4.9 billion euros, said it had waived its 17% acceptance threshold. Although its bid was subject to securing at least 17% of Naturgy, IFM had also said it could decide to lower the minimum threshold to 10%. On Thursday, IFM said it will actively support Naturgy’s long-term strategy and support a “prudent dividend proposal, in line with the new dividend reduction policy included in the 2021-2025 strategic plan, or potentially even a lower dividend if necessary”. IFM added it will finance the deal with equity commitments from its fund investors and a debt facility line. Naturgy shares were briefly suspended by the stock market supervisor, and closed with a rise of 4.62% to 24.01 euros. Securing the 22.69% stake initially planned or even the 17% threshold had become a difficult task after the three main shareholders in Naturgy, which hold more than a combined 67% of the energy group, said they would not tender their shares. Naturgy’s free-float before the bid stood around 27%, and a source with knowledge of the matter said on Thursday that some retail investors had also not chosen to tender their shares. IFM had originally offered 23 euros a share in January. Taking into account stakes held by some board members, treasury stock and a 3.85% stake held by Algeria’s state-owned oil company Sonatrach, which aligned with the board’s decision not to sell, more than 70% of Naturgy’s shareholders would not sell, a source with knowledge of the matter said in September. Beside Criteria, the main shareholder of Caixabank and holder of more than 26.7% of Naturgy, its main shareholders are private equity funds CVC and GIP, with stakes of 20.7% and 20.64% respectively. Criteria is owned by the foundation of former savings bank La Caixa. In its prospectus filed in September, IFM said it intended to appoint two board members. A source with knowledge of the matter said the stake would give it a seat on Naturgy’s board. Naturgy could not immediately be reached for comment. ($1 = 0.8618 euros) Additional reporting by Inti Landauro; Editing by Mark Potter, Alexander Smith and Jan Harvey Our Standards: The Thomson Reuters Trust Principles.