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Article: Hands snatches stake in Novera.(Business)
- Article from:
- Daily Mail (London)
- Article date:
- October 8, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARKET REPORT by Geoff Foster
THERE'S nothing like striking while the iron is hot. Less than a week after respected chief executive David Fitzsimmons stepped down 'by mutual consent' at Novera Energy, multimillionaire private equity guru Guy Hands jumped in with a [pounds sterling]90m, or 62.5p-a-share, cash bid for the rudderless renewable energy firm.
Infinis Energy, owned by Hands' private equity empire Terra Firma, which is responsible for producing more than 10pc of Britain's renewable energy, made its aggressive move after snatching a 13pc stake from Credit Suisse. That purchase increased its total shareholding in Novera to almost 43pc.
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