EDF joins EcoSecurities bid battle

A bid battle is in prospect for Irish carbon credit company EcoSecurities after French energy company EDF said it was considering a rival bid to the one made by Dutch firm Guanabara Holdings.EcoSecurities said it noted the "unsolicited approach" by EDF and considered it "to be wholly inadequate," advising shareholders take no action. "The board notes further that it recently received and rejected an indicative conditional proposal from EDF Trading Limited of 96 pence per ordinary share in cash," said EcoSecurities.EDF said earlier today that it is contemplating an offer of at least 75p in cash per EcoSecurities, trumping the indicative 60p per share offer announced by Guanabara.The actual value of the cash offer would depend on the outcome of EDF's due diligence on EcoSecurities. Guanabara, a company chaired by Dr Pedro Moura Costa, a founder of EcoSecurities, made its interest in acquiring EcoSecurities public on Friday, 5 June.It is owned by Grandal Services, a company owned by Moura Costa's Mayanna Trust and BTG Carbon Luxembourg.