Dynegy has cancelled its deal to sell out to Blackstone, after the proposed $4.7bn deal failed to get enough shareholder support.
Sheila McNulty has the news from Houston:
The group also said it would solicit alternative proposals and review its standalone restructuring alternatives, in a statement issued early on Tuesday before voting was due to close later in the day on the Blackstone buy-out.
Dynegy said it would contact a broad group of potential buyers, including its two largest investors, the hedge fund Seneca Capital and activist investor Carl Icahn, after they had both rejected the Blackstone deal as inadequate. It invited other interested parties to contact the company or its advisers.
But will Icahn or Seneca be forthcoming? I’ll leave you to read Sheila’s previous posts on this:
- Icahn and Seneca have spooked Dynegy’s shareholders
- Where were Icahn and Seneca when Dynegy was looking for a buyer?
WWF’s EU climate tracker, on which I blogged earlier today, highlighted the inconsistencies in European approaches to supporting the green energy sector.
Now another report (apologies for the third of the day), shows the effect on the companies themselves.
The report comes from law firm Taylor Wessing and VB Research, which have conducted a survey of 200 industry executives and financiers to find out how difficult it is for green energy companies to find financing.
Bad news this morning on the world’s attempts to curb carbon emissions. Two new reports, one from the UN Environmental Programme ahead of Cancun, and one from WWF and EcoFys on European government policy, paint similarly gloomy pictures.
The UN report focuses on the “carbon gap”, between the level of CO2 likely to be produced globally if climate policies stay the same and the level needed to meet the UN’s target of limiting global warming to 2°C.