Spain's Audax plans takeover bid for Norway’s Elmera, challenged by higher rival approach

Elmera ASA

Today 08:34

By Gemma  Guasch

    June 25 (Reuters) - Spanish renewable energy company Audax Renovables ADXR.MC said on Thursday it plans to launch a voluntary takeover bid for Norway's Elmera Group ELMRA.OL valued at 4.5 billion Norwegian crowns ($456 million), but Elmera said it had also received a non-binding approach from another strategic player at a "significantly higher" price.
Elmera shares were up about 43%, while Audax shares were down 1.4% in early trade.
The Norwegian company said in a statement it has entered into a due diligence and exclusivity agreement with the undisclosed interested party, adding that the process has been under way for several weeks.
Elmera declined to give further remarks on the matter, while Audax was not immediately available for comment.
Shareholders of around 43.3% of Elmera’s capital have already indicated support for the deal with Audax, which requires a minimum acceptance level of 66.7%.
For the Spanish company, the deal would strengthen its European presence, particularly in the Nordics, and further diversify its energy platform, as Elmera also operates a multi-utility business with telecoms activities.
($1 = 9.8488 Norwegian crowns)

 (Reporting by Gemma Guasch, Editing by Louise Heavens)
 ((gemma.guasch@thomsonreuters.com ; +48 58 746 90 08))