Barclays to buy Swedish carbon developer in £98m deal

Barclays has agreed a £98 million cash offer for Swedish carbon developer Tricorona, becoming the latest major bank to invest in the growing sector.
By The Newsroom
Published 2nd Jun 2010, 10:35 BST

Barclays said it was offering 8 Swedish crowns ($1.01) a share for Stockholm-based Tricorona which specialises in sourcing, developing and trading certified emissions reductions from greenhouse gas reduction projects in developing countries.

The offer, which the British bank said had been unanimously recommended by Tricorona's board members, is a 40 percent premium to a closing price of 5.70 crowns on June 1 and values the company at 1.13 billion Swedish crowns.

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The deal comes after JP Morgan last year agreed to buy clean energy project developer EcoSecurities for 129 million.

In March Tricorona's board rejected an all-share offer from Swedish energy and environmental company Opcon AB that had valued the group at just over 1 billion crowns.

The carbon offset sector has been a hive of M&A activity in recent months with a proposed merger between Trading Emissions and Leaf Clean Energy blocked by a major shareholder earlier this year.

Related topics:Barclays