VKG cancels acquisition of M.M. Energiborren AB
On 28 May Värmekyl Grossisten Scandinavia AB signed an agreement to acquire M.M. Energiborren AB with operations in Sweden and Germany. After a due diligence review in connection with the transfer of ownership uncovered profitability problems in Energiborren beyond what both the sellers and buyers had reason to expect, the sellers and board of Värmekyl Grossisten Scandinavia AB have mutually agreed not to complete the acquisition.The initiative was put forward by the principal shareholders in M.M. Energiborren AB, Ole Oftedal and Patrik Gransäter. Since both Oftedal and Gransäter are