Barclays seeks expansion in carbon markets
by Gill Montia
Story link: Barclays seeks expansion in carbon markets
Barclays has made a bid for Swedish carbon trading firm, Tricorona AB.
The bank is offering around £98 million for the Stockholm-listed company, through its wholly-owned subsidiary TAV AB.
Tricorona specialises in the sourcing, development and trading of Certified Emission Reductions from greenhouse gas reduction projects in developing countries.
According to the bank, the acquisition would position Barclays Capital as a leading global origination and trading house in the carbon markets.
The offer is being recommended by Tricorona’s board and is backed by shareholders who together hold 20.6% of the company’s stock.
While subject to various customary conditions, the transaction can be expected to complete in the third quarter of 2010.