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Terra makes crisis claims about Novera
14 Oct 2009A stink is arising at the wind and methane energy company Novera today as its unwanted suitor Terra Firma appeared to claim its target is in a management crisis.
Infinis, a rival green energy outfit owned by buy-out king Guy Hands' Terra Firma empire, last week added to its existing 29% of Novera by buying 13% owned by Credit Suisse. This week it posted a takeover document in a bid to take control of the rest at 62 ½p a share, valuing Novera at around £90 million.
With City analysts talking of fair value for Novera at nearer 90p, Novera's chairman Roy Franklin dismissed Hands' overtures as cheap.
A spokesman for Infinis hit back: “They lost their finance director in June and their chief executive only 10 days ago. No wonder their largest independent shareholder accepted our offer.”
