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U.K. Green Bank Sale Can Proceed After Court Backs Macquarie

  • High Court rejects challenge from rival bidder to review sale
  • Judge says SDCL’s bid was ‘less secure’ than Macquarie’s
Wind turbines operate on the Innogy SE wind farm in Bedburg, Germany, on Tuesday, Oct. 4, 2016. RWE's green energy business Innogy has demand for all the shares for sale in its initial public offering as the company heads toward the biggest European listing in years.
Photographer: Martin Leissl/Bloomberg
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A British court backed the government’s decision to sell its Green Investment Bank Plc to a consortium led by Macquarie Group Ltd., rejecting a request from a rival bidder to review decisions about the sale made by ministers.

Sustainable Development Capital LLP, or SDCL, had asked the High Court for a judicial review of the planned sale of the bank after it failed to win preferred bidder status. The government in September selected a group led by Australian bank Macquarie as the preferred bidder, but SDCL argued the government wasn’t compliant with criteria set out to guide ministers in their decision.