Vattenfall Raises Terms For Takeover

Sweden’s biggest energy group Vattenfall said on Tuesday that it had raised the terms of its takeover offer for Danish rival Elsam.

This is a bid to win shareholders away from a counter offer to merge with Danish oil and gas utility DONG.

Two weeks ago Vattenfall offered a shareholder consortium owning 67 percent of Elsam US $219 dollars in cash for each share, and last week upped its offer by US $1.75.

On Tuesday it said it was prepared to raise its bid by another US $8.75. Vattenfall is thereby offering US $229 dollars per share in Elsam.