Guanabara makes EcoSecurities bid, EDF pulls out

Dutch firm Guanabara Holdings has made a £91m offer for Irish carbon credit company EcoSecurities while French energy firm EDF has pulled out of the bid battle.EDF Trading, a subsidiary of EDF, confirmed that it does not intend to make an offer for EcoSecurities and instead agreed a portfolio deal with the rival bidder. The group said it has been granted options to purchase EcoSecurities' pre 2012 CER contracted portfolio in the event that Guanabara completes a successful offer for EcoSecurities.Guanabara said it intends to make a 77p per share cash offer, which is a 45.5% premium on 4 June 2009, the last business day prior to Guanabara announcing that it was considering an offer. Chairman of Guanabara Pedro Moura Costa, who was a founder of EcoSecurities, said EcoSecurities needs to be more dynamic and flexible."It is my opinion that the costs and requirements associated with being a public company hamper EcoSecurities' ability to adapt quickly to new circumstances. In my view, in these times of uncertainty, EcoSecurities is better managed under a leaner and more streamlined corporate governance structure," said Costa."As a founder and former President and COO of EcoSecurities, I am committed to the long term success of the Company. Through this cash offer, BTG and I intend to acquire control of EcoSecurities and manage it in a way that will enable the company to withstand this difficult phase whilst investing to realise its long term value," he added.