Italy's Fidim plans takeover offer for Athena Investments

Danish company Athena Investments A/S (CPH:ATHENA), which operates wind and solar power plants in Italy, on Thursday said that Italian financial services company Fidim Srl plans to launch an offer to acquire Athena for DKK 3.70 (USD 0.58/EUR 0.48) per share.

Fidim will launch a conditional voluntary public cash offer to Athena's shareholders for all shares in the Danish firm, excluding treasury shares and shares held by shareholders in certain restricted jurisdictions.

The planned offer price is at a premium to Athena's latest share price. The company's stock traded at DKK 3.60 at midday in Copenhagen.

According to Fidim's statement, in view of the significant reduction of Athena's business since 2019, the company will go through a liquidation or will be used for other activities.

In its latest financial results for the first half of 2020, Athena said it operated 45 MW of wind capacity and 12.4 MW of solar capacity in Italy. For the period, it reported a loss of EUR 3.1 million (USD 3.6m), narrowing from EUR 44.3 million in the first half of 2019. The difference reflected losses related to discontinued operations.

Fidim is waiting for the Danish Financial Supervisory Authority to okay its offer document. Athena said its board of directors will release a statement in relation to the offer by November 6.

(DKK 1.0 = USD 0.157/EUR 0.134)

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