Watchdog Suspends Clearance of Alteo Buyout
The National Bank of Hungary (MNB) has suspended a clearance procedure for a mandatory public purchase offer for shares of alternative energy company Alteo until the Hungarian Energy and Public Utilities Regulatory Office (MEKH) weighs in on the transaction, Alteo said late Tuesday, according to a report by state news wire MTI.
Alteo said it was informed of the central bank and financial market regulator's decision by the party making the offer.
Hungarian oil and gas company MOL on Saturday said it is 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 RES announced a mandatory public purchase offer for all outstanding Alteo shares at a price of HUF 3,040 per share.
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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