DONG Energy's divestment may lead to credit rating review
In a joint statement, two funds managed by Goldman Sachs and two other pension funds would be buying an aggregate 26% in ownership in DONG Energy for DKK11 billion or USD2 billion. The funds would also be planning an initial public offering for the Danish energy firm.
The new capital injection, credit analysts said, would lead to a review of the energy company's credit rating. This was because DONG would be able to improve its financial disposition. DONG was indirectly affected by the economic crisis, of which had caused the decline in electricity demand.
In a statement regarding the new investment, Danish Finance Minister Bjarne Corydon said on Wednesday, "Once the agreement is finalized, the company can also in the future invest significantly in offshore wind turbines and exploration and production of oil and gas."
The Danish state, who initially had an 81% stake in the energy firm, would see its ownership reduced to 60% once the acquisition would be completed.