Prospective Bidders for Eneco Narrows
The field of prospective bidders for Dutch energy company Eneco has narrowed as initial interest from big electricity players including France's Engie and Austria's Verbund has fizzled out, sources close to the matter said.The 53 municipalities that currently own Eneco, estimated by analysts to be worth about 3 billion euros ($3.35 billion), said in December they would sell the company through an auction later this year.The process is now expected to kick off in May…
Neptune Energy Buys VNG's O&G Assets off Norway, Denmark
Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 billion.The deal is also a continuation of a trend among European utilit
Advent to Acquire GE's Distributed Power Biz
U.S. buyout group Advent has agreed to buy General Electric's (GE) distributed power operations for $3.25 billion, the companies said on Monday. GE had put the unit, which includes the reciprocating gas engine brands GE Jenbacher and Waukesha up for sale, to bolster its finances. The deal values the company at about 9.7 times its 2018 earnings before interest, tax, depreciation and amortization of just below 290 million euros ($339 million), a person close to the matter said. Reporting by Arno Schuetze and Hans Seidenstücker
Solarworld Files for Insolvency
Germany's Solarworld has filed for insolvency proceedings, defeated by Chinese competition which has flooded the market with cheap solar panels. "Due to the ongoing price erosion and the development of the business, the company no longer has a positive going concern prognosis, is therefore over-indebted and thus obliged to file for insolvency proceedings," Solarworld said in a statement on Wednesday. It added that it was assessing if affiliated companies would also have to file for insolvency.
Cairn Energy is Frontrunner for DONG Energy Assets
Independent oil exploration company Cairn Energy has emerged as the frontrunner for North Sea oil and gas assets put up for sale by DONG Energy, sources familiar with the matter said. Interest from Cairn Energy and several other potential buyers could put pressure on shipping and oil group A.P. Moller-Maersk, after talks with DONG Energy to buy the oil and gas assets stalled at the end of last year. The two Danish firms had failed to agree on a price.
Uniper Hires Goldman to Sell Stake in Italy LNG Terminal
Germany's Uniper has hired Goldman Sachs to sell its stake in a liquefied natural gas (LNG) terminal in Italy, a deal that could value the whole business at 1 billion euros ($1.1 billion), three people familiar with the deal told Reuters. Books have been opened for due diligence on OLT Offshore LNG Toscana's business and a deal could materialise in the first half of 2017, the people said, also adding that there was no guarantee that a sale would take place.
Snam-Allianz Consortium Wins Bid for 49% of Gas Connect Austria
Italian gas grid company Snam said on Thursday its bid with Allianz to buy a 49 percent stake in pipeline company Gas Connect Austria had been successful, confirming what sources previously told Reuters. Snam and Allianz will pay a total of 601 million euros ($675 million) to buy the stake from owner OMV, Austria's leading oil and gas group, Snam said. Allianz and Snam will hold 60 percent and 40 percent, respectively, of the vehicle that will be used to buy the stake, Snam said. The deal is expected to close by the end of the year.
Three vie for BP's China Petrochemicals Plant
SK Chemicals, Borealis and Ineos to bid. First bidding round to close in the coming days. At least three leading chemical companies are set to vie for BP's stake in Chinese petrochemicals joint venture SECCO which could fetch more than $2 billion, sources close to the process said. Offers for the 50 percent stake, the British oil and gas company's largest investment in China, will be submitted in the coming days, the sources said.
Umicore, Sinochem Expected to Bid for Total's Atotech
Chemicals groups Umicore and Sinochem are among the groups interested in German surface finishing and metal plating company Atotech, put on the block by France's oil giant Total, people close to the matter said. Total has asked for preliminary bids for the unit, which is expected to fetch more than 3 billion euros ($3.3 billion), by a Tuesday deadline, the sources added. Arkema - a former Total subsidiary - and BASF have looked at Atotech but are seen as unlikely bidders…
GE, Senvion Prepare Bids for Adwen
General Electric and German wind turbine maker Senvion are preparing bids for French wind power group Adwen, which is jointly owned by Spain's Gamesa and France's Areva, people familiar with the matter said. German industrials group Siemens is due to take over Gamesa's 50 percent stake in Adwen as part of its 1 billion euro ($1.1 billion) deal to buy a majority stake in Gamesa. It has also made an offer for Areva's stake in Adwen.
India Starts Settling Iran Oil Dues via EIH
Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route. Refiners in India, Iran's top oil buyer after China, last month resumed settling their back debt of about $6.6 billion after the lifting earlier this year of some of the sanctions against Tehran had opened up oil trade and banking channels.
Czech EPH in talks with Macquarie over infrastructure stake
Czech energy company EPH is in talks with Australian investment fund Macquarie to sell it a stake in its EP Infrastructure gas and heating business, two sources said on Wednesday. EPH announced earlier on Wednesday that it was scrapping plans to float a stake in EPIF and was considering a direct sale to global infrastructure investors instead. (Reporting by Arno Schuetze and Jan Lopatka)
RWE Hires Rothschild to Advise on Renewables, Grids IPO
RWE has hired investment bank Rothschild to advise it on the planned listing of its renewables, grids and retail unit, two people familiar with the matter told Reuters, in a sign that Germany's No.2 utility is moving ahead with its restructuring. Rothschild and RWE declined to comment. RWE late last year announced it would put its renewables, networks and retail activities into a single unit and list about 10 percent of it in an initial public offering (IPO) during the fourth quarter of 2016.
Allianz to Double Infrastructure Investments
Allianz is planning to double its investments in infrastructure and renewable energy within the next two to three years as it seeks to diversify its 638 billion euros ($726.43 billion) in assets, a unit head told Reuters. Like all of its peers, Europe's largest insurer has to invest its customers' premiums and is increasingly turning to alternative investments such as infrastructure, real estate and private equity in its search for return as bond yields have come down sharply in the low interest rate environment.
Investors Line Up for OMV's Gas Grid Gas Connect Austria
Gas Connect Austria, the pipeline unit of Austrian energy group OMV, has drawn interest from several parties ahead of an auction that could value the asset at up to 750 million euros ($845 million), three people familiar with the deal said. The sales process, which the sources said was organised by Citi, is expected to start in March and comes after OMV in October said interest for the up to 49 percent stake in the unit was "strong", adding it expected a deal this year.
Vitol Seeks Partner in VTTI Oil Storage Business
Vitol, the world's top oil trader, is looking to sell a stake in wholly owned storage company VTTI, in a bid to cash in on one of its most profitable businesses in the current downturn in crude prices, several banking and industry source said on Thursday. Oil storage companies have lately enjoyed booming business as traders and oil companies held increasing amounts of crude and refined products in tanks in the face of huge oversupply.
Bidders Emerge for Thyssengas
Thyssengas enterprise value seen at 500-550 mln euros. Macquarie-owned German gas grid Thyssengas is attracting interest from several infrastructure funds and financial investors, two people familiar with the matter said, adding bidders had until after Easter to submit indicative offers. "The level of interest is huge, there's a run on regulated energy infrastructure," one of the people said, adding due diligence, which gives potential buyers access to the target's books and data, was expected to start in mid-April.
Chorus Clean Energy Postpones IPO on Greek News
German wind and solar park operator Chorus Clean Energy has for now cancelled its planned stock market listing amid wobbly markets. "The decision was taken due to the sharpened economic situation in Greece and the impact on the global financial markets," the company said in a statement on Thursday, adding it currently saw no possibility to achieve an appropriate valuation in an initial public offering (IPO). While other IPO candidates had cancelled their plans earlier this month…
EQT attracts offers for Koole Terminals
Swedish buyout group EQT has received offers for its Dutch oil storage group Koole Terminals valuing the business at more than 1 billion euros ($1.1 bln), several people familiar with the deal said. The investor last week collected more than 10 tentative bids, mainly from infrastructure investors, and will now pick several groups to submit final bids, the sources, who declined to be identified, said on Monday. A consortium of Canadian pension fund OTPP and Wren House Infrastructure has made an offer…
Blackstone Seeks Buyer for German Offshore Wind Farm
Alternative asset manager Blackstone Group LP is seeking a buyer for its Meerwind Sued/Ost offshore wind park in Germany, hoping to benefit from a surge in deal activity in the sector, three people familiar with the matter told Reuters. The 288 megawatt (MW) Meerwind Sued/Ost wind park, located 23 kilometres north of the German island of Heligoland, was completed last year and provides electricity for up to 360,000 households. The park could fetch more than 1.4 billion euros ($1.5 billion)…
