Morning:
13°c
A bidding war broke out today for the former darling of the green economy, carbon credits firm EcoSecurities.
Shares in the company which develops green projects in the developing world then sells the carbon credits they create to polluting businesses, shot up on the news that French utility giant Electricité de France was looking to launch a bid.
After a low-ball £70.8 million offer on Friday led by co-founder Pedro Moura Costa, EDF Trading said it was looking at counterbidding at £88.5 million. EDF said it was considering making a cash offer of "at least" 75p-a-share - far more than the 60p-a-share offer by Costa, who quit the business in April.
EcoSecurities' shares peaked at 421p in 2007. But it has suffered from the lengthy process taken under the Kyoto agreement for its projects such as wind energy plants, to get licensed for carbon credits.
Brokers on Friday predicted rival bids from a host of rival energy companies or financial companies. EcoSecurities' shares jumped 12p to 71½p today.
