Latest news with #ENNEnergy
Yahoo
27-03-2025
- Business
- Yahoo
ENN Group to acquire ENN Energy, valued at $11.6bn
ENN Group is looking to take over the remaining stake in ENN Energy, valued at HK$90.50bn ($11.6bn), in a move to streamline operations within its natural gas business, reported Reuters. ENN Natural Gas, holding a 34.28% stake in clean energy company ENN Energy, has proposed buying the remaining shares for HK$59.48bn, valuing each share at HK$80, a 47.6% premium over the closing price on 17 March. The acquisition proposal comes as Beijing pushes for energy security, urging domestic companies to maintain production and increase natural gas output to reduce foreign dependency, the report said. Recently, China halted US liquefied natural gas (LNG) imports for 40 days, the longest pause in nearly two years, due to trade tensions. This suspension has led traders to reroute shipments to avoid tariffs, affecting the global LNG market. The gap in US LNG imports to China is the longest since June 2023, highlighting ongoing trade tensions initiated by the Trump administration, which threaten to decouple the world's largest LNG seller and buyer. China, the largest oil and gas importer, has been reducing seaborne gas imports, with LNG imports dropping to their lowest level since early 2020. This decline is attributed to weak demand and higher European prices redirecting cargoes. According to Kpler data, China imported 4.5 million tonnes of LNG in February, trailing Japan for the second consecutive month. In response to market conditions, some Chinese gas companies have resold spot cargoes abroad, particularly to Europe, taking advantage of more attractive prices. ENN Natural Gas, listed since 1994, operates in gas sales, infrastructure management, engineering construction and installation. In December 2011, ENN Energy and China Petroleum Corporation attempted to buy out China Gas, but the deal failed due to regulatory issues. "ENN Group to acquire ENN Energy, valued at $11.6bn" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
27-03-2025
- Business
- Bloomberg
ENN Energy Gets $11.6 Billion Buyout Offer From Major Holder
The top shareholder of ENN Energy Holdings Ltd. has made a take-private offer that values the Chinese gas distributor about HK$90.5 billion ($11.6 billion), pushing the company's Hong Kong-listed shares up as much as 17%. Shanghai-listed ENN Natural Gas Co. is offering HK$24.50 in cash and about 2.94 H shares of ENN Natural Gas for each ENN Energy share that it doesn't already own, according to a stock exchange filing Wednesday. The bid values ENN Energy at about HK$80 per share, representing a nearly 35% premium to its last closing price on March 18.
Yahoo
26-03-2025
- Business
- Yahoo
ENN Energy Gets $11.6 Billion Buyout Offer From Major Holder
(Bloomberg) -- ENN Energy Holdings Ltd. received a take-private offer from its biggest shareholder that values the Chinese gas distributor at about HK$90.5 billion ($11.6 billion). They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? How SUVs Are Making Traffic Worse Trump Slashed International Aid. Geneva Is Feeling the Impact. Paris Votes to Make 500 More Streets Car-Free Shanghai-listed ENN Natural Gas Co. is offering HK$24.50 in cash and about 2.94 H shares of ENN Natural Gas for each ENN Energy share that it doesn't already own, according to a Hong Kong stock exchange filing Wednesday. The bid values ENN Energy at about HK$80 per share, representing a nearly 35% premium to its last closing price on March 18. The deal is part of ENN Natural Gas' reorganization ahead of its own proposed listing in Hong Kong. ENN Natural Gas currently owns around 34% of ENN Energy through its unit, Xinneng (Hong Kong) Energy Investment. ENN Natural Gas, one of China's key importers of liquefied natural gas, said it will not increase its offer. It plans to delist ENN Energy following the transaction. Shares of ENN Energy will resume trading on Thursday. ENN Energy raised about HK$238 million in a Hong Kong initial public offering in 2001. The company was added to the city's benchmark Hang Seng Index in late 2021 alongside China Resources Beer Holdings Co., Inc. and NetEase Inc. The firm's net income was 5.99 billion yuan ($825 million) for 2024, a 12% decline from the previous year, on lower gas prices amid signs of weakening Chinese demand. (Updates with details throughout. Earlier versions were corrected to remove inaccurate bid value and relationship of the firms, including in the URL.) Business Schools Are Back Google Is Searching for an Answer to ChatGPT The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P.
