Offer for carbon developer Tr

RNS Number : 9161M

Barclays PLC

02 June 2010

 



2 June 2010

Barclays PLC

Barclays announces recommended cash offer for carbon developer Tricorona AB (publ)

Barclays PLC ("Barclays"), announces that its wholly owned subsidiary TAV AB ("TAV") has made a recommended cash offer to acquire all the shares in Tricorona AB (publ) ("Tricorona") for a total consideration of approximately GBP 98mn (SEK 1,130mn) (the "Offer").

Tricorona is a Stockholm-listed carbon developer which specialises in the sourcing, development and trading of Certified Emission Reductions from greenhouse gas reduction projects in developing countries.  The acquisition of Tricorona would build on Barclays Capital's strong reputation in the carbon markets and would position it as a leading global origination and trading house.

The Offer, of SEK 8.00 in cash for each share in Tricorona, has been unanimously recommended by the Board of Directors of Tricorona. Shareholders together representing 20.6 per cent. of the shares in Tricorona have entered into irrevocable undertakings to accept the Offer.  It represents a premium of 40 per cent over the closing price of SEK 5.70 on 1 June 2010, the last trading day prior to the announcement of the Offer.  The Offer is subject to various, customary conditions, including an acceptance condition. Subject to the satisfaction of these conditions, the transaction would be expected to complete in the third quarter of 2010.

The transaction is expected to be accretive to Barclays earnings within one year from completion and is expected to have no material impact on Barclays Core Tier 1 capital ratio.

An offer document detailing the Offer is expected to be made available today. Barclays full press release issued in Sweden regarding the offer is available at www.barclays.com/investorrelations.

-ENDS-

For Further Information Please Contact:

Investor Relations	Media Relations	Barclays Capital Communications
Stephen Jones	Alistair Smith	Marc Hazelton
[phone]	[phone]	[phone]

About Barclays PLC

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 144,000 people. Barclays moves, lends, invests and protects money for over 48 million customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com.

 

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