Sweden-based bio-LNG producer Scandinavian Biogas said it had received a takeover offer from Norway’s Aneo Renewables.
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.
The firm sent the offer for the remaining shares in Scandinavian Biogas at a price of 15.45 Swedish crowns per share.
This offer values Scandinavian Biogas at 670 million Swedish crowns ($64 million), according to Aneo.
The acceptance period of the offer is expected to start on or around November 28 and expire on or around December 19, 2022.
Scandinavian Biogas said in a separate statement that its board of directors would now evaluate the offer and announce its opinion no later than two weeks prior to the expiry of the acceptance period.
The firm has been quite busy this year and recently signed a multi-year deal to supply bio-LNG to the transport sector in Sweden and the Nordic region.
Scandinavian Biogas set a long-term target to reach an annual production capacity of 3 TWh of biogas, mainly bio-LNG, in Europe by 2030.
In June, the firm also signed a large bio-LNG deal with German fueling station operator Alternoil.
During the same month, it secured about $15 million from the government to build a bio-LNG plant in southern Sweden.
Also, Wartsila said in August that the Skogn bio-LNG plant in Norway had doubled liquefaction capacity following the launch of the second train.
The facility operated by Norway-based Biokraft, a unit of Scandinavian Biogas, is the largest plant owned by Scandinavian Biogas.
