Watchdog Clears Alteo Buyout

Deals

The National Bank of Hungary (MNB) has approved a mandatory public purchase offer for the shares of alternative energy company Alteo, announcements posted on the website of the Budapest Stock Exchange show, according to a report by state news wire MTI.

The offer, at a price of HUF 3,040 per share, will run from February 10 until March 13.

Hungarian oil and gas company MOL announced late in December that it is partnering with Diófa 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 RES announced a mandatory public purchase offer for all outstanding Alteo shares at the HUF 3,040 per share price. All three of the parties are to acquire equal stakes in Alteo.

Alteo has a 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.

The acquisition will allow MOL to increase 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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