Spanish energy group Audax has announced its intention to launch a voluntary cash tender offer for 100% of Norwegian company Elmera.
The proposed transaction values the deal at €400 million, according to reports from Expansion.
The bid, controlled by entrepreneur José Elías Navarro, represents a significant cross-border acquisition attempt in the European energy sector.
By offering an all-cash deal for the entire equity of Elmera, Audax is signaling a clear intent to consolidate its position in the Norwegian market.
This move comes as European energy companies increasingly look across borders for growth opportunities amid shifting regulatory and market landscapes.
The success of the offer will depend on shareholder approval and regulatory clearance in both Spain and Norway.