Power Group Online Article |  | |
8 October 2004 - Vattenfall AB has today made an offer to the consortium of shareholders who hold 54 per cent in the Danish power company Elsam. The offer grants the shareholders a put option for shares, which they are entitled to acquire under pre-emptive rights in relation to a recent acquisition by the oil and gas company DONG.
"It is Vattenfall's ambition to join forces with Elsam and contribute to the development of the leading player on the Danish power market", says Vattenfall's President and CEO Lars G. Josefsson. "While we were growing from a Swedish to a Northern European energy company during the past four years, Vattenfall learned, in addition to its long experience on the Nordic market, how to run a multinational power group with holdings in Germany and Poland competitively. We see Elsam with its high competence in areas as cogeneration and wind-power as an ideal partner for joint growth on the Nordic Market and are eager to offer Elsam our support in restructuring the Danish power market."
Elsam A/S is Denmark's leading producer of electricity and heat with activities both within Denmark and abroad. Operating mainly on Jutland, Elsam operates coal- and waste-fired cogeneration plants with a total capacity of more than 3600 MW. Its 417 MW wind-power generation makes Elsam Scandinavia's largest wind-power operator.
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