Scandinavian Biogas board tells shareholders to reject takeover offer from Aneo

The board of Sweden-based bio-LNG producer Scandinavian Biogas has urged its shareholders to reject the proposed takeover offer by Norway’s Aneo Renewables.

“The board of directors of Scandinavian Biogas Fuels International unanimously recommends the shareholders of the company not to accept Aneo Renewables mandatory offer of 15.45 Swedish crowns per share in cash,” the firm said in a statement on Thursday.

Aneo, a joint venture of TronderEnergi and HItecVision established this year, now has 36.1 percent of the total number of shares and votes in Scandinavian Biogas Fuels International.

In accordance with Swedish takeover rules, the firm is obliged to make a mandatory tender offer for the remaining shares and the company made the move last week.

This offer values Scandinavian Biogas at 670 million Swedish crowns ($64 million), according to Aneo.

Also, the acceptance period of the offer started on November 28 and will expire on December 19, 2022.

As a part of the assessment of the offer, the board of Scandinavian Biogas has engaged ABG Sundal Collier to provide an opinion regarding the offer.

ABG Sundal Collier believes that the offer “cannot be considered reasonable from a financial perspective for the shareholder,” Scandinavian Biogas said.

After carrying out the evaluation, the board “asses that the terms and conditions of the offer do not reflect the long-term growth prospects of Scandinavian Biogas, also considering the identified risks of the business and the general market conditions,” the firm said.

Most Popular

Yang Ming books LNG-powered containerships in South Korea

Taiwan’s Yang Ming Marine Transport has decided to order LNG dual-fuel container vessels from South Korea's Hanwha Ocean as part of its ongoing fleet optimization plan.

Sabah to take stake in Petronas’ third FLNG

SMJ Energy, owned by the Sabah government, has signed a heads of agreement with Malaysian energy giant Petronas to take a 25 percent stake in the latter's third floating LNG production unit.

Japan’s LNG imports drop in June

Japan’s liquefied natural gas (LNG) imports dropped by 2.8 percent in June compared to the same month last year, according to provisional data released by the country’s Ministry of Finance.

More News Like This

Biokraft says launches world’s largest biomethane liquefaction unit

Sweden-based bio-LNG producer Biokraft International, previously known as Scandinavian Biogas, has launched what it says is the world's largest...

Biokraft working on new bio-LNG plant in Sweden

Sweden-based bio-LNG producer Biokraft International, previously known as Scandinavian Biogas, has secured land for a new bio-LNG production...

Scandinavian Biogas becomes Biokraft

Sweden-based bio-LNG producer Scandinavian Biogas has changed its name to Biokraft International. The firm said in a statement it decided...

Scandinavian Biogas in German move

Sweden-based bio-LNG producer Scandinavian Biogas will establish a unit in Germany and plans to invest up to 90 million...