Finance
UK Takeover Panel Cancels Harmony Energy Auction
Published by Global Banking & Finance Review®
Posted on May 20, 2025
1 min readLast updated: January 23, 2026
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Published by Global Banking & Finance Review®
Posted on May 20, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleThe UK takeover panel canceled the Harmony Energy auction after Drax withdrew its bid, with Foresight Group's offer valued higher at £209.9 million.
(Reuters) -UK's takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust, set to take place on May 21, after Drax, one of the bidders, decided against raising its offer.
The panel had decided on a bidding process following proposals last month from two funds managed by British investment manager Foresight Group LLP, valuing Harmony at around 209.9 million pounds ($278.12 million), which surpassed Drax's 199.9 million pounds bid.
(Reporting by Prerna Bedi in Bengaluru; Editing by Shreya Biswas)
The UK takeover panel canceled an auction intended to conclude the sale of Harmony Energy Income Trust.
The auction for Harmony Energy was scheduled to take place on May 21.
Drax was one of the bidders in the Harmony Energy auction.
The proposals from two funds managed by Foresight Group LLP valued Harmony at around 209.9 million pounds.
The article was reported by Prerna Bedi in Bengaluru and edited by Shreya Biswas.
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