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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Falck Renewables SpA | BIT:FKR | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
By Mauro Orru
Shares in Italy's Falck Renewables SpA jumped Wednesday after an investor backed by JPMorgan Chase & Co. agreed to buy a controlling stake that will trigger a takeover bid valuing the company at roughly 2.57 billion euros ($2.99 billion).
At 0915 GMT, Falck Renewables trades 14% higher at EUR8.71.
The company, which develops and manages power production plants from renewable sources, said Infrastructure Investments Fund--a vehicle advised by J.P. Morgan Investment Management--agreed to buy a roughly 60% stake held by Falck SpA at EUR8.81 per share.
The deal would bolster the fund's reach in the renewable energy sector since Falck Renewables has exposure to the United Kingdom, Italy, the United States, Spain, France, Norway and Sweden.
The fund invests in infrastructure, with a focus on contracted energy assets and utilities.
Falck Renewables said the stake transaction should wrap up in the first quarter next year, after which the fund will launch a mandatory cash offer to buy out Falck Renewables at the same price per share offered for the 60% stake.
The fund will then delist Falck Renewables.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
October 20, 2021 05:46 ET (09:46 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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