Alteo Shareholders Part With 12.2% Stake in Buyout Offer

Deals

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.

Lender Liquidity Increases Further Banking

Lender Liquidity Increases Further

Hungary Condemns Iranian Attack on Israel Int’l Relations

Hungary Condemns Iranian Attack on Israel

Home Rental Rates in Hungary Rise 11.7% in March Residential

Home Rental Rates in Hungary Rise 11.7% in March

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D... Hotels

Tribe Hotel Budapest Stadium Recognized at LIV Hospitality D...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.