Schweizer Kraftwerksbeteiligungs-AG has made a public takeover offer for Swiss generator Alpiq Holding AG at CHF70 per share. Schweizer Kraftwerksbeteiligungs-AG is fully owned by CSA Energy Infrastructure Switzerland, an investment group of the Credit Suisse Investment Foundation.
The deal follows the sale of Electricité de France SA's 25.04% interest in Alpiq to Swiss investors EOS Holding SA and Primeo Energie. The transaction was financed by mandatory exchangeable loans from Schweizer Kraftwerksbeteiligungs-AG.
"The new shareholder structure provides a sound foundation for Alpiq's future development. I view the public takeover offer as a logical consequence of the acquisition of the Alpiq shares from EDF," Alpiq Chairman Jens Alder said in a May 29 statement.
The Alpiq board has commissioned an independent third-party assessment of the proposed public takeover.
Schweizer Kraftwerksbeteiligungs-AG is expected to publish an offer prospectus on July 9. The offer period is scheduled to begin on July 24 and the acquisition is expected to be completed on Oct. 9. Subsequently, a delisting of Alpiq shares from the SIX Swiss Exchange is to be applied promptly.
As of May 28, US$1 was equivalent to CHF1.01.