Latest news with #BayWar.e.
Reuters
18-03-2025
- Business
- Reuters
Switzerland's EIP still eyeing majority of BayWa renewable unit-letter
ZURICH, March 18 (Reuters) - Energy Infrastructure Partners remains interested in acquiring majority ownership of the renewable energy unit of German agricultural trading group BayWa ( opens new tab, the Swiss firm said in a letter to investors. BayWa said on Monday it would for the time being retain majority ownership of the renewable energy unit known as BayWa r.e. after an initial agreement with EIP came undone. The Munich-based trader of farming supplies and produce has been grappling with rising borrowing costs, forcing it to embark on a major restructuring drive, including job cuts. In the letter, seen by Reuters, EIP said its plans to raise its stake in BayWa r.e. to a majority holding were paused but not off the table and that it would continue promoting the company's restructuring plans with its current holding.
Reuters
17-03-2025
- Business
- Reuters
BayWa deal with EIP for renewable energy unit collapses
March 17 (Reuters) - Embattled German agricultural trading group BayWa ( opens new tab said on Monday it would keep a majority ownership of renewable energy unit BayWa r.e. after an initial agreement with suitor Energy Infrastructure Partners fell apart. "A final agreement on details of this concept could not be reached for economic reasons," BayWa said. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here. The Munich-based trader of farming supplies and produce added it is now in talks with core banks of the company and its subsidiary as well as major shareholders to cover the capital and guarantee requirements of BayWa r.e. until the end of the company's restructuring phase. BayWa announced in February it struck an initial deal with Switzerland's Energy Infrastructure Partners (EIP) for the Swiss firm to become the major shareholder of BayWa r.e., which still required approval of the EIP's boards. The German group has been grappling with rising borrowing costs, forcing it to embark on a major restructuring, including job cuts. "By implementing the alternative financing concept, BayWa AG would remain the majority shareholder of BayWa r.e. AG for the time being," The firm added in statement.
