Stock Market News
ContourGlobal shares jump 33% after KKR’s $2.2bln offer
2022.05.17 10:42
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid
LONDON (Reuters) – Shares in London-listed ContourGlobal leapt by a third on Tuesday after U.S. private company KKR agreed to buy the power generation company for 1.75 billion pounds ($2.16 billion) in a bid to expand its renewable energy portfolio.
KKR will pay 263.6 pence for each share of ContourGlobal, according to the deal announced on Tuesday. That represents a 36% premium to the company’s closing price on Monday.
Tuesday’s 33% jump in early European trading took the shares to their highest level since August 2018.
