Belgian grid operator Elia said on the 23rd that it has decided to exercise its pre-emptive right to acquire a 20% stake in German high-voltage grid operator 50Hertz for 975.6 million euros ($1.2 billion). This move has frustrated China's national grid investment in the German power grid.
Earlier, although officials were reluctant to confirm, important German media such as DerSpiegel and Handelsblatt reported that the German government tried to persuade Elia to use the stock option to buy 20% of the shares, so as not to be China. The national grid bought.
It is understood that 50Hertz is one of the four largest transmission operators in Germany. The proportion of renewable energy in the dispatching area is over 50%, which plays a key role in the process of German energy transformation.
Report screenshot
The original 60Hertz 60% equity belongs to Elia, and 40% is owned by the Australian Infrastructure Fund IFMInvestors.
It is worth noting that it was previously reported that China National Grid intends to buy a 20% stake in 50Hertz from IFMInvestors. The German community expressed doubts about the intention behind China's investment in power infrastructure.
The media previously reported that the State Grid’s intention to acquire 50Hertz assets dates back at least to December 2017.
At the time, the Elia website issued a statement saying that the company had been told that partner IFM was discussing the sale of half of its 50Hertz 40% stake to China State Grid or its subsidiaries.
Statement screenshot
Reuters reported that due to concerns that China is controlling key technologies while protecting its own companies from foreign acquisitions, State Grid was criticized by German politicians when it first showed interest in equity last year.
Like Geely's shareholding in Daimler, Germany is also worried about it. German Social Democratic Party Economic and Energy spokesperson Bernd & dot; Westphal once commented: "The key infrastructure must not be sold."
According to media reports, Chinese state-owned enterprises have invested heavily in European infrastructure in recent years. China's State Grid has now invested in power grids in European countries such as Portugal, Italy and Greece. Matthias Machnig, the German economic ministry, said recently: "We have to figure out the strategic mergers and acquisitions that foreign governments are behind, and we must be able to block them if necessary."
Although officials are reluctant to confirm, important German media such as DerSpiegel and Handelsblatt have reported that the German government tried to persuade Elia to use the stock option to buy 20% of the shares, so as not to be China National Grid. Buy it.
Shannan, Tibet: Construction of the snowy plateau agricultural network is busy @VCG
However, it has been thought that the sale price may be too high and Elia will give up.
In a report at the end of February this year, Reuters quoted investment bank sources as saying that given Elia’s business control, its bid is unlikely to rival the national grid. State Grid is expected to bid between 800 million and 1 billion euros ($990 million to $1.23 billion) to acquire the 20% stake. Sweden Vattenfall won 810 million euros when it sold 50 Hertz in 2010, when the buyers were IFMInvestors and Elia.
"Under such a price, it is difficult for a third party to counter-offer," one of the sources said. "Once Elia makes a decision, the sale of the equity will eventually advance."
Another banker said that the price of the national grid made IFM have no choice but to negotiate to sell the shares.
In the end, Elia decided to choose to shoot.
This time IFMInvestors sells 20% of the shares six times its purchase amount. For Elia, the sale was a good deal, increasing its ownership at 50 Hertz to 80% and fully integrating assets. IFM will continue to hold the remaining 20% ​​of the shares.
“We welcome our major shareholder Elia to decide to exercise its right of first refusal. This is a strong signal to promote energy transformation in Germany and Europe.†50Hertz Chief Executive Boris Schucht said in a statement.
It is reported that the Elia acquisition is expected to end in the second quarter and will be financed through 70% of hybrid bonds and 30% of senior bonds. Elia said it expects its credit rating will not change.
Industrial power supplies are power products specially designed and produced for a certain industrial production industry. For industrial power supplies, absolute balance of electronics characteristics is not the main focus. Different industrial applications focus on different specific electronics index, some focus on the stability of the power supply output voltage or current, but the ripple is not the key judging criteria; some industrial applications have customized requirements for power supplies, such as adding time control, adding pulse functions, adding multiple outputs, etc. At the same time, it is necessary to consider the cost requirements of large-scale purchases of industrial applications, so for industrial power supplies, Application adaptability, Long-term operating Reliability and Reasonable cost control are the main points of attention for industrial power supplies.
1. Capacitor testing industry: The main products are capacitor leakage current ripple test power supplies used for capacitor life and quality testing. It is an industrial power supply product mainly adopted by capacitor manufacturers` for products quality control or capacitor use manufacturers` for sourcing capacitor inspections with current endurance life test, according to the variety of output voltage and frequency required for different capacitance tests, the DC output voltage of this power supply is up to 3000V, the AC voltage output is up to 400V, the AC current is up to 400A, and the output frequency can be 50Hz-100KHz according to customer requirements.
2. Capacitor aging industry: The main products are our first-generation high-power DC power supply products, based on the development of IGBT-based hard-switching technology, with high output accuracy, low ripple, high efficiency, fast response speed and good cost advantages, the power supplies are featured with constant voltage, constant current working mode automatic switching function, overvoltage protection circuit, overheat protection circuit, short circuit protection function. For the convenience of industry users, this power supply can also add customized functions, such as: automatic shutdown for load discharge function, overvoltage, overcurrent protection value preset and view function and pulse aging function, etc., to adapt to the use of sophisticated capacitors of capacitor manufacturers.
3. Surface treatment industry: The DC rectifier based on the high frequency switching technology of IGBT switching devices is a product developed by our company for industrial applications such as electroplating, electrolysis, water treatment, and hard oxidation. There is no mandatory requirement for output ripple in this industry application. So, this industrial power products do not put too much LC circuit processing to the input and output ends. It has high requirements for output current stability and long-term operation capability, mostly low-voltage and high-current output, up to 2000KW, with ultra-high DC output of 50000A.
To overcomes the harsh application environment and long-term operating conditions. The industrial power supplies basically adopt water cooling, and the internal components of the power supplies are treated with three preventions, which can realize the effective heat dissipation and effective protection of internal devices of the power supply.
The above-mentioned industrial power products can accept customized production requirements without minimum order quantity restrictions.
Industrial DC Power Supplies, DC Industrial Power Supplies, Industrial Test Power Supplies, Industrial AC DC Power Supplies, AC DC Industrial Power Supplies
Yangzhou IdealTek Electronics Co., Ltd. , https://www.idealtekpower.com