Elmera Group shares climbed 2% in early Monday trading on the Oslo Stock Exchange following reports that Finnish energy company Fortum has submitted a new bid for the Norwegian renewable energy operator.
The development intensifies the competition for Elmera, which has already been the subject of a takeover approach from Spanish renewable energy firm Audax Renovables.
3% higher, reflecting broader positive sentiment across Nordic markets.
According to earlier reporting, Audax has signaled its willingness to increase its offer, contingent on being granted access to conduct a formal due diligence process.
The Oslo Børs main index opened 0.3% higher, reflecting broader positive sentiment across Nordic markets.
Stockholm’s exchange also saw modest gains, driven by a wave of merger and acquisition activity that has captured investor attention this week.
While the specific terms of Fortum’s bid were not immediately disclosed, the entry of a major European utility into the bidding process suggests a potential premium for Elmera’s assets.