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Barclays finalises deal to buy Sweden’s Tricorona
BARCLAYS’ offer for Swedish carbon credits trading firm Tricorona was yesterday declared unconditional, reinforcing the bank’s position as the most active player in the emissions market.
Last month, Barclays announced a recommended cash offer, via its TAV subsidiary, of eight Swedish kronor (71p) per share for Tricorona, valuing the firm at 1.13bn kronor, or £100.4m.
Investment bank Barclays Capital, led by Bob Diamond, is already the most active trader in the carbon emissions market, which is worth almost $150bn (£98.3bn) globally.
The acquisition comes after Tricorona earlier this year rejected an all-share takeover offer from Swedish energy and environmental firm Opcon, which valued the group at just over 1bn kronor.