Alteo Shareholders Part With 12.2% Stake in Buyout Offer
Stakeholders in listed alternative energy company Alteo parted with shares carrying 12.24% of voting rights in a mandatory public purchase offer ended March 13, oil and gas company MOL said after market close on Tuesday.
MOL announced late in December that it was partnering with Diofa Asset Management and Indotek-Investments to acquire a majority stake and joint control in listed Alteo. The parties agreed with Alteo majority owner Wallis Asset management to acquire a 61.557% stake in Alteo, in two steps, at a price of HUF 2,872 per share, after which MOL unit MOL RES announced a mandatory public purchase offer for all outstanding Alteo shares at the HUF 3,040-per-share price, starting February 10.
All three of the parties were to acquire equal stakes in Alteo.
On Tuesday, MOL said the three partners had raised their combined stake in Alteo from 9.99% to 73.81%. Each of the parties now holds a 24.6% stake in Alteo.
Alteo has renewable energy capacity of 69 MW as well as conventional electricity and heat production. It operates and services industrial power plants and is active in energy trading, waste management, and e-mobility.
With the acquisition, MOL aims increases its footprint in green power generation and trading, in line with its 2030 strategy to invest in new, low-carbon, circular economy businesses.
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