Utilities & Clean technology Correspondent, London
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Jul 25, 2011

ZF Friedrichshafen to buy Hansen for $725.5 mln

LONDON/MUMBAI, July 25 (Reuters) – Germany’s ZF
Friedrichshafen AG is to buy Belgium-based Hansen
Transmissions , which makes gearboxes for wind turbines,
for $725.5 million to consolidate its position in the market for
wind energy.

The offer, pitched at 66 pence in cash for each Hansen
share, values the company at 444.8 million pounds and is at a 96
percent premium to the company’s Friday close in London.

Jul 14, 2011

Charter gets improved £1.4 billion bid from Melrose

LONDON (Reuters) – Charter International (CHRT.L: Quote, Profile, Research) said it was considering an improved offer from industrial investor Melrose (NYN.L: Quote, Profile, Research) that valued the industrial toolmaker at 1.4 billion pounds.

Charter said on Thursday the 840 pence per share cash and stock offer — 8 percent higher than a preliminary offer from Melrose — was conditional on financing and due diligence.

Jul 14, 2011

Charter gets improved $2.2 bln bid from Melrose

LONDON, July 14 (Reuters) – Charter International
said it was considering an improved offer from industrial
investor Melrose that valued the British industrial
toolmaker at 1.4 billion pounds ($2.2 billion).

Charter said on Thursday the 840 pence per share cash and
stock offer — 8 percent higher than a preliminary offer from
Melrose — was conditional on financing and due diligence.

Jul 14, 2011

For U.S. demand-response firms, UK is beachhead into Europe

BANGALORE/LONDON (Reuters) – U.S. demand-response companies are expected to aggressively expand into UK, where rising power prices and increasing demand offer them the perfect opportunity to diversify from a saturated domestic market and cut overdependence on their main customer, PJM.

Companies such as EnerNOC (ENOC.O: Quote, Profile, Research) and Comverge Inc (COMV.O: Quote, Profile, Research) work with grid operators, utilities and consumers to lower demand during peak hours when rates are highest. They pay customers who save power and provide grids with the extra capacity to avoid blackouts.

Jul 13, 2011

Analysis – U.S. demand-response companies expanding into UK

BANGALORE/LONDON (Reuters) – U.S. demand-response companies are expected to aggressively expand into UK, where rising power prices and increasing demand offer them the perfect opportunity to diversify from a saturated domestic market and cut overdependence on their main customer, PJM.

Companies such as EnerNOC (ENOC.O: Quote, Profile, Research) and Comverge Inc (COMV.O: Quote, Profile, Research) work with grid operators, utilities and consumers to lower demand during peak hours when rates are highest. They pay customers who save power and provide grids with the extra capacity to avoid blackouts.

Jul 11, 2011

Northumbrian opens books after Li Ka-shing proposal

LONDON/HONG KONG, July 11 (Reuters) – Northumbrian Water
is to open its books to a group owned by Li Ka-shing,
Hong Kong’s richest man, who has made a takeover approach that
could value the British water utility at 2.4 billion pounds
($3.9 billion).

Northumbrian said on Monday Cheung Kong Infrastructure
Holdings (CKI) had made a proposal of 465 pence per
share, a 21 percent premium to Northumbrian’s share price before
reports of a takeover surfaced last month.

Jul 7, 2011

Dealtalk: Charter’s welding unit to attract U.S. rivals

LONDON/BANGALORE (Reuters) – Charter International (CHTR.L: Quote, Profile, Research, Stock Buzz), a UK-based industrial tools maker which last week rejected a $2 billion approach, is likely to be targeted by U.S. rivals attracted by the prospect of its welding tools business, the world’s second-largest.

Charter last month issued a profit warning — sending its shares down 28 percent — lost its CEO, and turned down what it said was an opportunistic 780 pence per share approach from buyout firm Melrose (NYN.L: Quote, Profile, Research, Stock Buzz) that valued the company at just over $2 billion.

Jul 7, 2011

Charter’s welding unit to attract U.S. rivals

LONDON/BANGALORE, July 7 (Reuters) – Charter International
, a UK-based industrial tools maker which last week
rejected a $2 billion approach, is likely to be targeted by U.S.
rivals attracted by the prospect of its welding tools business,
the world’s second-largest.

Charter last month issued a profit warning — sending its
shares down 28 percent — lost its CEO, and turned down what it
said was an opportunistic 780 pence per share approach from
buyout firm Melrose that valued the company at just over
$2 billion.
    The stock price has powered back up to 834 pence, not far
from a 3-year high, and suggesting investors eye a higher bid.

Jun 30, 2011

Taps on water infrastructure M&A may prove stiff

LONDON/AMSTERDAM (Reuters) – Anyone hoping a possible bid for Northumbrian Water Group Plc preludes a long-awaited spate of M&A across the sector could be set for a disappointment.

Monday’s statement from Hong Kong billionaire Li Ka-Shing’s Cheung Kong Infrastructure Holdings CKI.L (1038.HK: Quote, Profile, Research) that it was considering a cash offer for Northumbrian NWR.L was enough to spark gains in sector peers Severn Trent (SVT.L: Quote, Profile, Research), Pennon Group (PNN.L: Quote, Profile, Research) and United Utilities (UU.L: Quote, Profile, Research).

Jun 29, 2011

Charter says £1 billion Melrose approach opportunistic

LONDON (Reuters) – Embattled tool and equipment maker Charter International (CHTR.L: Quote, Profile, Research) dismissed a $2 billion (1 billion pound) preliminary approach by manufacturing buyout firm Melrose’ (NYN.L: Quote, Profile, Research), calling it “opportunistic.”

Melrose, which looks to buy underperforming industrial businesses and sell them after restructuring, is looking at paying 780 pence per share — a 30 percent premium over Charter’s closing price Monday — the day before it made the approach.

    • About Adveith

      "I moved to Reuters' London bureau in February to cover green technology and UK utilities after a stint in Bangalore. In four years with Reuters, I have covered some of the biggest utilities and clean technology companies in the United States and Britain, from bureaus in London, Bangalore and, briefly, New York. I have also been a key part of two of the company’s biggest headline news operations – in Bangalore and London - since 2008, sending fast news alerts on the biggest companies on both sides of the Atlantic. I enjoy writing about sports, and occasionally contribute to Reuters' sports blog, ..."
      Hometown:
      New Delhi
      Joined Reuters:
      May 2008
      Languages:
      English, Hindi, Malayalam
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