Spain's Audax plans takeover bid for Norway’s Elmera, challenged by higher rival approach

By Gemma Guasch

June 25 (Reuters) - Spanish renewable energy company Audax Renovables said on Thursday it plans to launch a voluntary takeover bid for Norway's Elmera Group valued at 4.5 billion Norwegian crowns ($456 million), but Elmera said it had also received a non-binding approach from another strategic player at a "significantly higher" price.

Elmera shares were up about 43%, while Audax shares were down 1.4% in early trade.

The Norwegian company said in a statement it has entered into a due diligence and exclusivity agreement with the undisclosed interested party, adding that the process has been under way for several weeks.

• Elmera declined to give further remarks on the matter, while Audax was not immediately available for comment.

• Shareholders of around 43.3% of Elmera’s capital have already indicated support for the deal with Audax, which requires a minimum acceptance level of 66.7%.

• For the Spanish company, the deal would strengthen its European presence, particularly in the Nordics, and further diversify its energy platform, as Elmera also operates a multi-utility business with telecoms activities.

($1 = 9.8488 Norwegian crowns)

(Reporting by Gemma Guasch, Editing by Louise Heavens)