St1 becomes major shareholder in Scandinavian Biogas

Finnish energy firm St1 has acquired about 14 percent of shares in Sweden-based bio-LNG producer Scandinavian Biogas.

Scandinavian Biogas revealed this in a statement on Friday saying St1’s vision is to be the “leading producer and seller of CO2-aware energy”.

St1 is building a bio-LNG plant at the Boras Energi och Milja facility at Sobacken, near the city of Boras in Sweden.

“We welcome that an industrial player like St1 shows interest in Scandinavian Biogas and becomes a new major shareholder”, Matti Vikkula, CEO of Scandinavian Biogas, said in a statement.

This move comes at a time when Norway’s Aneo Renewables boosted its shareholding in Scandinavian Biogas and plans to buy the latter.

The board of Scandinavian Biogas recently urged its shareholders to reject the proposed takeover offer by Aneo.

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 in November.

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.

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