Magnus Hall, president and chief executive of the Vattenfall Group, was probably annoyed last October when Greenpeace made an offer for the Swedish power company’s lignite division. The environmental activists didn’t want to pay a single cent, instead demanding money to close it all down and ensure that carbon-spewing brown coal stays in the ground.
Now Mr. Hall is likely more worried than anything else, since the Greenpeace “offer” could soon become bitter reality.
The Swedish, state-owned energy company and the commissioned investment bank Citigroup are collecting binding bids until March 16. It is quite possible that even serious bidders, like the Czech energy group CEZ or the Central European energy group EPH, will place a negative purchase price on their offer.