China’s ENN Natural Gas, the controlling shareholder of ENN Energy, is looking to buy the rest of the clean energy company, valuing it at HK$90.50 billion ($11.64 billion), the companies said on Wednesday.
ENN Natural Gas, part of the broader ENN Group which is one of China’s largest private energy conglomerates, already owns a 34.28% stake in the clean energy company.
As part of the deal, ENN Natural Gas and a unit of the company are offering ENN Natural Gas shares and HK$24.50, or HK$80, for every ENN Energy stock it does not already own.
The offer was made on March 18 and is at a 47.6% premium to ENN Energy’s close on March 17, the companies said.
ENN Natural Gas is primarily involved in gas sales, operation of infrastructure, engineering construction and installation. It was listed in 1994.
Reuters
