Shell has launched a Germanm ($416m) takeover bid for Australia’s second-biggest business and industry energy supplier, ERM Power, to gain a quarter of the country’s commercial and industrial market. ERM has agreed to the offer, with the main shareholder saying he will accept if no higher bid is made. A full shareholder vote is expected to take place in November. Shell said the deal was part of a strategy to expand its integrated power operations, on which spending will increase to between $2bn and $3bn by 2025.
Shell has launched a AUD617m ($416m) takeover bid for Australia’s second-biggest business and industry energy supplier, ERM Power, to gain a quarter of the country’s commercial and industrial market. ERM has agreed to the offer, with the main shareholder saying he will accept if no higher bid is made. A full shareholder vote is expected to take place in November. Shell said the deal was part of a strategy to expand its integrated power operations, on which spending will increase to between $2bn and $3bn by 2025.