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Oslo-based Verdane abandons Ovo investment talks - report
(Sharecast News) - A Norwegian investment group has reportedly abandoned talks about an investment in UK energy supplier Ovo amid concern the industry's regulatory regime is obstructing efforts to attract new capital. According to Sky News, Oslo-based Verdane had been in detailed talks as recently as this month about injecting a substantial sum into Ovo in return for a large stake in the business.
However, sources told Sky on Tuesday that Verdane had withdrawn from the talks partly due to uncertainty prompted by the energy regulator Ofgem's capital adequacy rules.
Ovo acknowledged earlier this month that it - alongside larger rival Octopus Energy - had yet to fully comply with the regime, saying: "We have taken proactive measures to align with Ofgem's new capital rules, working constructively to meet the requirements."
In June, Sky News revealed that Iberdrola, the owner of Scottish Power, had also held tentative discussions about a possible tie-up.
Other parties are said to remain in talks, Sky said.
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