4 stories mentioning EQT.ST
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Oddo BHF on Monday upgraded Swedish private equity group EQT (EQT.ST) to outperform from neutral and raised its price target to 355 kronor from 350 kronor.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
Mubadala Energy said Friday that Catarus raised $9.8 billion in project financing for a liquefied natural gas export facility in Louisiana, US, and will launch its construction.The Abu Dhabi-based company, which holds a 24.1% stake in the US exploration and production company, also provided equity in the project's financing, alongside its partners Kimmeridge and Canada Pension Plan Investment Board.Catarus also secured long-term offtake agreements with global energy and industrial companies, including EQT (EQT.ST), Glencore (GLEN.L, GLN.JO), Mercuria, Petronas, and Saudi Arabian Oil Co.'s (SASE:2222) Aramco Trading.The Commonwealth LNG plant will have a capacity of 9.5 million tonnes per annum and is expected to start operations in 2030.
Intertek Group (ITRK.L) is now likely to accept EQT's (EQT.ST) final takeover proposal after the Swedish private equity giant raised its bid once again following three previously rejected offers.Following the news, Intertek shares gained nearly 7% in London as of midday Wednesday, while those of EQT were little changed in Stockholm.Under the latest and improved bid, EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, offered Intertek shareholders 60 pounds sterling per share in cash, according to a Wednesday release. Prior to this, Intertek's board "unanimously and unequivocally" rejected EQT's earlier offers of 58 pounds per share, 54 pounds per share, and 51.50 pounds per share.The UK-based quality assurance provider said its board "carefully evaluated" EQT's final conditional proposal after "significant" engagement with its shareholders, concluding that it would be "minded to recommend" the sweetened bid if a firm offer is made. Intertek will now grant EQT access to confirmatory due diligence and temporarily halt its ongoing strategic review.Under the terms of the proposed deal, Intertek shareholders would receive and retain the recommended final dividend of up to 1.077 pounds per share for 2025 if approved at the group's May 20 annual general meeting."The strategic review announced by ITRK on April 14th has made a sale or breakup of the Intertek portfolio a live possibility. We see preserving the status quo as the least likely outcome of the review and think that a take-private, trade sale or demerger of the 'Energy & Infrastructure' (E&I) assets all potentially have their merits, though see a trade sale to a listed player as a lower probability given the heightened geopolitical uncertainty at present," analysts at RBC Capital Markets said in a note. "Against this uncertainty, we think it likely that ITRK investors would vote in favour of the EQT proposal in the event it moves to a firm offer."EQT has until June 11 to announce a firm intention to make an offer for Intertek or withdraw its bid.
Intertek Group (ITRK.L) again rejected Swedish private equity giant EQT's (EQT.ST) latest revised takeover offer, saying the unsolicited conditional proposal "significantly undervalues" the company and its future prospects.Following the news, Intertek shares were down 3% in London on Friday midday, while those of EQT were trading less than 1% lower in Stockholm.EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, submitted a sweetened proposal of 58 pounds sterling per share in cash to acquire the UK-based quality assurance provider, according to a Friday release. Previously, Intertek's board "unanimously and unequivocally" rejected EQT's earlier offers of 54 pounds per share and 51.50 pounds per share.Intertek said its board "carefully reviewed" the further improved indicative offer, concluding that it did not reflect the group's value and comes with considerable execution risk."[The] Board of Intertek continues to firmly believe that the strategic review announced on 14 April to evaluate the potential separation, either through a sale or demerger, of Intertek Energy & Infrastructure from Intertek Testing & Assurance presents a significant value creation opportunity for Intertek shareholders," the group said. "The Strategic Review and separation are capable of being carefully managed with a view to maximising the value creation to shareholders and minimising value leakages."With regard to its strategic review, Intertek added that it is giving precedence to a sales-led process, noting that its energy and infrastructure business has already drawn interest from potential buyers.Meanwhile, people with knowledge of the matter told Bloomberg News that several of Intertek's top shareholders, including PineStone Asset Management, are calling on the company to hold open talks with EQT following the latest rebuffed offer. Some investors are also reportedly hoping for EQT to further sweeten its bid to 60 pounds per share, with Intertek likely to be more willing to consider that amount.