12/18/2007

EDF-Veolia jv Dalkia launches 146 mln eur bid for Poland's Praterm UPDATE

Energy services group Dalkia, a joint venture between EDF and Veolia Environnement (NYSE:VE) , said its Polish unit has launched a takeover offer worth 146 mln eur for heating company Praterm.

Dalkia's local unit, Dalkia Polska, is offering 51 zlotys per share, or for 100 pct of Praterm's shares, for a total of 527 mln zlotys, or 146 mln eur.

The success of the offer is conditional on Dalkia Polska obtaining at least 50 pct of outstanding shares plus one, Dalkia said. The offer will run from Dec 28 until Feb 14.

Dalkia Polska is 65 pct owned by Dalkia, with the other 35 pct controlled by the European Bank for Reconstruction and Development. It had sales of 322 mln eur last year.

Dalkia as a whole reported managed revenue of 6.9 bln eur in 2006.
Source: money.cnn.com

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