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Econergy shareholders to clean up as Suez trumps rival offers
Independent, The (London), Jun 14, 2008
*The AIM-listed wind farm developer Econergy International has become a target for the French energy giant Suez, which said it is preparing a 39m takeover bid for the group. This is Econergy's third indication of interest in the past three months. Suez's South American division, Suez Energy South America Participacoes (Sesa), said yesterday it was to offer 45p per share for Econergy, which operates clean power technology in the Americas.
This all-cash offer trumps the 30p-per-share bid it rejected from Trading Emissions in April. Sesa's offer marks a 90 per cent premium to Econergy's closing price the day before it said it had received a number of preliminary approaches. The shares, which had lost more than 75 per cent of their value since flotation in 2006, jumped to 29p in April after Consensus Business Group, Vincent Tchenguiz's investment fund, said it could be interested in bidding for the company. Yesterday, the shares rose to 43p.
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