By Emma-Victoria Farr
FRANKFURT (Reuters) -German energy firm Techem continues to work towards a deal after its sale to U.S. financial investor TPG and sovereign wealth fund GIC fell through earlier this month, the company’s CEO Matthias Hartmann said late on Tuesday.
The potential buyers withdrew registration of the 6.7-billion-euro ($7.59-billion) deal with the European Union’s antitrust authorities on May 7. The European Commission had announced an in-depth review of the takeover, as TPG’s concessions were not deemed sufficient.
Hartmann told reporters on Tuesday that efforts to reach a solution were ongoing.
“All parties are keen to find a solution … I can’t say what that will look like,” he said.
TPG had brought Singapore’s sovereign wealth fund GIC on board as a co-investor for the takeover last October.
Partners Group had also considered an initial public offering (IPO) as a way to sell its shares in the company last year.
“Capital markets are always an option,” Hartmann said, adding that would be a decision for its shareholder to take.
Hartmann declined to comment on whether Techem will continue working with the same advisers or whether it will pay a so-called “break-up fee” which is incurred when deals fall apart.
As a result of TPG’s withdrawal, Techem will repay in full provisional senior secured bonds amounting to 750 million euros that were issued in connection with the planned handover, the company said in a statement.
($1 = 0.8827 euros)
(Reporting by Emma-Victoria Farr; Editing by Rachel More and Helen Popper)
