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Greentech Fails to Win Shareholder Support for Fersa Acquisition

Greentech Energy Systems A/S, a Danish developer, said it failed to win enough support for a 56 million-euro ($69 million) bid for Fersa Energias Renovables SA, citing the target’s complex shareholder structure.

Greentech won 41.81 percent acceptance for its 40 euro-cents-a-share offer for the Spanish renewable energy developer, the Danish company said today in an e-mailed statement, short of the more than 50 percent needed. The final deadline was July 30.

All bar four of the 10-member Fersa board opposed the offer as it undervalued the company, it said July 27. The developer today fell 8 percent in Madrid and officials wouldn’t comment.

Greentech, based in Copenhagen, began efforts to buy all of Fersa’s shares in April, as part of plans to purchase companies affected by the European economic crisis. Fersa has lost more than half of its value this year as governments including Spain cut state-aid for clean power plants to curb debt. Spain is Fersa’s largest market, according to the company’s website.

“Fersa’s takeover bid was challenging due to its complex shareholders structure although it was in line with Greentech’s industrial project aimed at consolidating its positioning in the renewable energy market,” Greentech said in the statement.

A director representing Fersa’s largest shareholder, Grupo Empresarial Enhol SL, backed the acquisition, Greentech said on July 23. Corp. Caja Granada said July 25 it endorsed the bid and Banco Mare Nostrum SA also said it would accept the offer.

“As demonstrated by the high level of acceptance, the offer was good and fair,” Greentech said in the statement. It expects other possibilities in Spain in the next 18 months “for those who have the patience and the financial capacity to wait and see,” the company said. It operates about 300 megawatts in countries such as Italy, Germany, Spain, Poland and Denmark.

Greentech’s offer valued Barcelona-based Fersa at 56 million euros, based on its 140 million shares outstanding.

Combined with Fersa’s debt, the transaction was worth about 300 million euros, Greentech Chief Executive Officer Sigieri Diaz della Vittoria Pallavicini said in April.

The market value of Fersa is about 48.3 million euros.

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