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 board members in VKG, the two did not take part in the decision regarding VKG’s acquisition.

”Problems have come to light in Energiborren’s operations of such nature that they could have a negative impact on VKG,” says Ole Oftedal. ”We have therefore have asked those board members responsible for the acquisition to break off the acquisition process, and by doing have ensured that VKG’s shareholders neither have been, nor will be, affected.”

In connection with withdrawal of the acquisition, VKG was granted an option to call off up to 15,000 drill meters from Energiborren in order to secure VKG:s drilling capacity in future projects.










For questions regarding the press release, please contact:

Tom Ekevall Larsen Ole Oftedal
CEO Board Chairman
+46 (0)76 13 52 125 +46 (0)70 592 7599