Published by Global Banking & Finance Review®
Posted on May 16, 2025
1 min readLast updated: January 23, 2026
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The UK takeover panel has set a May 21 auction for Harmony Energy after no final offers were submitted. The auction will have up to five rounds.
(Reuters) - The UK takeover panel said on Friday it had planned an auction for May 21 to conclude the sale of Harmony Energy Income Trust, after rival bidders failed to submit final offers for the British battery storage investment firm.
The bidding process follows a proposal last month from two funds managed by British investment manager Foresight Group LLP, which valued Harmony at around 209.9 million pounds ($278.12 million), surpassing an earlier 199.9 million pounds bid from British power company Drax.
The outcome of the auction, which will consist of up to five rounds, is expected to be announced on May 22.
($1 = 0.7547 pounds)
(Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Mohammed Safi Shamsi)
The main topic is the UK takeover panel's auction for Harmony Energy scheduled for May 21, following unsuccessful final offers from bidders.
The main bidders are two funds managed by Foresight Group LLP and British power company Drax.
Foresight Group's proposal valued Harmony at 209.9 million pounds, surpassing Drax's earlier 199.9 million pounds bid.
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