[ad_1]
The case is being updated.
– When we announced this, it was an offer with reservations. After a general assessment, we concluded that we will not complete the transaction, says communications director Atle Kigen at Aker to DN.
– We continue to be shareholders of NBT and we are in dialogue with the company about the opportunities that wind energy presents in the future.
Last summer, it was announced that Kjell Inge Røkkes Aker would buy wind power company NBT in a transaction worth NOK 3 billion. The owner of NBT, Borgestad, is now reporting that the conditions of the offer have not been met.
In doing so, it cancels Aker’s major acquisition of the company that operates wind power in Inner Mongolia and the Crimean peninsula.
When Aker launched its new green initiative last summer, the acquisition of the NBT company was a key part of the development of onshore wind power as well. NBT has been a loss of loss for many years, but shareholders were likely to receive a generous payment for their shares – Aker’s offering of 90 percent of the company valued it at more than NOK 3 billion.
Conditions not met
However, there were a number of conditions associated with the acquisition, including a number of regulatory issues in the markets in which NBT operates.
No confirmation of this has been received since the acquisition this summer, and NBT shareholder Borgestad reports that the offer is no longer binding on the parties.
This summer, it became clear that Aker had set some clear conditions for the offer, which had to be in effect by December.
- Ukraine’s parliament must adopt a new subsidy regime for wind power.
- Project funding must fit.
- The company review should not give any negative surprises.
Aker does not want to go into what conditions are not met.
Tapssluk
Since the first year of operation in 2005, there have been no fewer than 19 capital increases at the wind power company, DN wrote last summer.
In addition, there have been withdrawals of ten loans that can be converted into shares.
In 2018, losses on NBT reached 1 billion and capital was negative by more than 400 million NOK. The auditor also noted that there was considerable uncertainty about continuing operations.
For the company’s first venture, wind power in and around Inner Mongolia in China, has not been successful. When the parks were finally finished in 2011, there were not enough networks to supply electricity to customers, and when the network finally improved, the Chinese withheld the agreed subsidies. Pakistan was considered for a long time, but it was abandoned.
In 2018, the company bought Ukraine, in a wind farm under construction, located between mainland Ukraine and Russia-controlled Crimea.
NBT CEO Joar Viken entered the market for NOK 3.5 billion, bringing with him a number of development banks and US investment bank JP Morgan, which facilitates the loan. The money arrived in its place, but just before signing, a Ukrainian court arrested a large part of the actions. The park was due to be ready with 63 turbines before Christmas last year.
Røkke’s son leads the project
Wind energy company NBT has had some of the most resourceful shareholders in the country, both Trond Mohn, Kjell Inge Røkke, former BWG Homes owner Lars Nilsen, and several other favorite clients of brokerage Arctic Securities have been in the list of shareholders.
Kjell Inge Røkke has been on NBT’s shareholder list for a long time, through his private investment company TRG and Aker.
This summer, Aker announced that Kvaerner and Aker Solutions would merge, while investments in offshore wind and carbon capture would be separated and listed on the stock exchange. NBT and onshore wind should be a third company. Røkke’s son Kristian Monsen Røkke is leading Aker’s green change.
He has been the project manager and led, among other things, the negotiations for the purchase of NBT.
(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
