Danish Greentech’s voluntary takeover bid on Fersa enters acceptance phase

BARCELONA | The Spanish financial markets regulator CNMV admitted Copenhagen-based Greentech’s voluntary cash tender offer on all ordinary shares of Fersa. Greentech had submitted last Friday its prospectus to the CNMV for its voluntary public offer of acquisition of 100% of Fersa, offering €0.40 in cash for each Fersa share.

By submitting the prospectus and legal documentation required, Greentech requested that the regulator approved its offer for the Catalan renewable energy company as the final step before opening the acceptance period, which has now began.

The Danish company said in a note that

“Greentech aims with this transaction to create a leading European group among independent renewable energy generators, with installed capacity of approximately 600 MW, and a pipeline of more than 700MW in different renewable technologies.”

Greentech’s strategic plan forecasts reaching 1GW of installed capacity by the close of 2013. The new group would have income of approximately €120 million, and earnings before interest tax depreciation and amortisation of around €80 million. In addition, it will have an asset portfolio with attractive geographic diversity with a presence in Spain, Italy, Poland, India, Denmark, Germany, Norway the Balkans and France. Fersa declared it had increased its operational capacity by 19.1% in 2011 compared with the previous financial year.

The offer is exclusively contingent upon acceptance by shareholders representing at least 70.001.890 shares of Fersa, which would be equivalent to more than 50% of Fersa’s voting rights. The acceptance period of the tender offer, according to Spanish law, will last a minimum of 15 days and a maximum of 70 days, to be decided by Greentech.

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