Latest news with #MatthiasHartmann
Reuters
28-05-2025
- Business
- Reuters
Germany's Techem still seeking deal after TPG withdraws as buyer, CEO says
FRANKFURT, May 28 (Reuters) - German energy firm Techem continues to work towards a deal after its sale to U.S. financial investor TPG (TPG.O), opens new tab and sovereign wealth fund GIC fell through earlier this month, the company's CEO Matthias Hartmann said late on Tuesday. The potential buyers withdrew registration of the 6.7-billion-euro ($7.59-billion) deal with the European Union's antitrust authorities on May 7. The European Commission had announced an in-depth review of the takeover, as TPG's concessions were not deemed sufficient. Hartmann told reporters on Tuesday that efforts to reach a solution were ongoing. "All parties are keen to find a solution ... I can't say what that will look like," he said. TPG had brought Singapore's sovereign wealth fund GIC on board as a co-investor for the takeover last October. Partners Group had also considered an initial public offering (IPO) as a way to sell its shares in the company last year. "Capital markets are always an option," Hartmann said, adding that would be a decision for its shareholder to take. Hartmann declined to comment on whether Techem will continue working with the same advisers or whether it will pay a so-called "break-up fee" which is incurred when deals fall apart. As a result of TPG's withdrawal, Techem will repay in full provisional senior secured bonds amounting to 750 million euros that were issued in connection with the planned handover, the company said in a statement. ($1 = 0.8827 euros)
Saba Yemen
21-04-2025
- Business
- Saba Yemen
Sharp Rise in Heating Costs for Gas Consumers in Germany
Berlin - Saba: Heating costs for gas consumers in Germany have surged by nearly a quarter this season compared to the previous heating season, according to an analysis by the comparison website "Verivox." The analysis, published on Monday, revealed that gas heating expenses rose by approximately 23% due to weather-related factors and price increases. Meanwhile, heating oil costs saw a 1% rise. A separate analysis by the energy services company "Techem" showed that the average consumption of oil, natural gas, and district heating systems across Germany increased by 23.6% compared to the previous year. Matthias Hartmann, CEO of Techem, noted that efforts to reduce energy consumption in recent years have weakened. "If energy prices remain high, many consumers will face an additional burden in their upcoming heating bills," he added. According to a study by the German Energy and Water Association (BDEW), three-quarters of home heating systems in Germany rely on gas and oil as energy sources. Efforts to phase out Russian gas have contributed to rising fuel prices in Germany, impacting the competitiveness of the German economy, which has long depended on competitively priced Russian gas. Last week, a Reuters report, based on interviews with senior officials at European companies and experts, indicated that some European firms expressed readiness to resume cooperation with the Russian gas company Gazprom. Whatsapp Telegram Email Print more of (International)
