Regulator Gives Go-ahead for Alteo Buyout
The Hungarian Energy and Public Utilities Regulatory Office (MEKH) has given prior consent for the buyout of alternative energy company Alteo, the company said in an announcement on the website of the Budapest Stock Exchange.
Hungarian oil and gas company MOL announced late in December that it is partnering with Diófa Asset Management and Indotek-Investments to acquire a majority stake and joint control in listed Alteo.
The parties agreed with Alteomajority owner Wallis Asset management to acquire a 61.557% stake in Alteo, in two steps, at a price of HUF 2,872 per share, after which MOL RES announced a mandatory public purchase offer for all outstanding Alteo shares at a price of HUF 3,040 per share.
All three of the parties are to acquire equal stakes in the alternative energy firm.
he National Bank of Hungary (MNB) had suspended the clearance procedure for the mandatory public purchase until MEKH weighed in on the transaction.
Alteo has a renewable energy capacity of 69 MW as well as conventional electricity and heat production. It operates and services industrial power plants and is active in energy trading, waste management, and e-mobility.
The acquisition will allow MOL to increase its footprint in green power generation and trading, in line with its 2030 strategy to invest in new, low-carbon, circular economy businesses.
ADVERTISEMENT
Business Confidence Worsens, Consumer Confidence Improves
Parliament Negates Mandatory Membership in MOK
Haulier Koncsek Trans Invests HUF 150 mln in Garage Upgrade
Budapest Leaders Unveil Plans to Scale Back Traffic on Thoro...
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
