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Sydkraft/E.ON take control of Graninge
Lars Frithiof |
Sydkraft has agreed today to buy Electricité de
France's (EDF) 36.3 per cent stake in Graninge AB for SEK 4.85bn (EUR
526m).
ROGER FRY
The agreement means that Sydkraft and its majority owner E.ON AG will have
48,304,052 shares in Graninge, equivalent of 72.6 per cent of the capital
and votes in the company, Sydkraft said in a press release.
Sydkraft currently has 23 per cent of the capital and votes and E.ON 13.3
per cent. Sydkraft is paying SEK 201 per share.
If the deal is approved by the EU competition authorities and the
acquisition happens in accordance with the conditions of the agreement,
Sydkraft plans to make a public bid for the remaining shares in Graninge,
as stock exchange rules require. This offer will be at the same price paid
to EDF. EU approval is expected at the end of September at the earliest.
"Sydkraft has owned shares in Graninge for over seven years and the company
has developed very well. Graninge has been offensive in Sweden and Finland,
and has made itself known as a company interested in the environment. In
addition, Graninge's hydropower and some of its grid borders on Sydkraft's
hydropower and grid," Lars Frithiof, Sydkraft CEO, said in a statement.
"We are pleased to have been able to buy EDF's shares in Graninge as we
want to grow further in the Nordic region," he said.
(2003-08-14 12:40:16)
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