Aquila European Renewables PLC - London-based investment firm focused on renewable energy infrastructure - Starts the process of combining its business with another investment company. Following several indications of interest in a combination, the company has instructed its advisor, Deutsche Numis, part of Deutsche Bank AG, to begin due diligence with "multiple interested parties". Aquila European Renewables says there is no certainty that the process will result in a combination on terms acceptable to the board. A further update will be provided alongside the company's full-year results in April.
In December, Aquila European Renewables received unsolicited offers from Octopus Renewables Infrastructure Trust PLC regarding a potential combination. The deal would create one of Europe's largest diversified energy investment trusts, Octopus said at the time, with a combined portfolio value of nearly GBP1 billion. Aquila responded, saying that it was exploring "a number of different initiatives to address the issues facing the sector".
Current stock price: 65.10, up 0.2% in London on Monday morning.
12-month change: down 24%
By Hugh Cameron, Alliance News reporter
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Aquila Euro. (AERI)
Octopus Energy (ORIT)