Shell to enter Australian electricity market as ERM shareholders agree to sell
Source: Renew Economy
8th November 2019
Global energy giant Shell is set to emerge as a new player in the Australian electricity market after shareholders in energy company ERM Power overwhelmingly approved a takeover offer from the company.
In August, ERM Power announced that it had received an offer from Shell to acquire the company in a deal worth A$617 million. The takeover offer was unanimously supported by the ERM board, which said the deal represented good value for shareholders.
ERM Power is one of Australia’s largest electricity retailers, with a dedicated business in providing electricity supplies to commercial and industrial customers. While ERM does not offer services to residential customers, it currently sits amongst the top five largest electricity retailers by volume of sales.
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