FRANKFURT, May 28 (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)