t ransact ions

EmErsoN to sEll hEAtINg proDucts BusINEss to NIBE

INDustrIEr AB NIBE Industrier AB has reached agreement on the acquisition of the Element Division of Emerson Electric co., which has operations in the usA, mexico and china. the acquired Division will form part of the NIBE Element business area. The Element Division, which was

established in 1917, has sales of approximately 75 million US dollars a year (approx. SEK 485 million) and an operating margin of more than 10%.

The product program consists primarily of

electric heating elements and heating systems that are used in, for example, white goods and air-conditioning equipment. The acquisition adds new technology to the NIBE Element product portfolio in climate control.

The Division employs just over 1,100

people in Murfreesboro, Tennessee, USA , Nuevo Laredo, Mexico and Shenzhen, China.

“We are proceeding with our plans for

systematic expansion – now outside Europe. In strategic terms this is an ideal acquisition for us. Not only does it give us a firm foothold in the United States, where we have previously not been strong, but it also reinforces our presence on both the Chinese and Mexican markets,” says Gerteric Lindquist, CEO of the NIBE Group.

“It also means that NIBE Element further

strengthens its position as one of the world’s foremost names in the heating element industry.”

The acquisition is conditioned by

customary regulatory filing and waiting periods. fi

(EDp) shArE offErINg Energias de portugal, s.A., which holds 64.8% of EDp – Energias do Brasil, s.A. (EDp Brasil), has set at r$ 37.0 (thirty seven reais) per share, the final price for the secondary distribution offer (offer) of EDp Brazil’s ordinary shares (comprising, notably a public offer in Brazil and a private placement addressed to institutional investors outside Brazil), which had been launched on June 27, 2011. The effective demand of the Offer has

exceeded the global amount of 19,919,510 shares initially offered (excluding the greenshoe), corresponding to 12.54 % of EDP Brazil’s share capital.

With this transaction, EDP decreases its

shareholding in EDP Brazil from 64.8% to 52.3% (excluding the greenshoe), while receiving an amount of proceeds of approximately 737 million reais (corresponding approximately to EUR 329 million, at a currency rate BRL/EUR of 2.24). EDP’s vision to be an integrated energy company, a leader in value creation in the markets where it can make a difference is shared by the universe of EDP employees, spread across different continents and countries - the Iberian Peninsula (Portugal and Spain), France, Belgium, Poland, Romania, United States and Brazil - a diversity that enriches the company and brings it together in the respect for the different cultures of the markets in which it operates.

EDP is the only Portuguese company that

integrates the Dow Jones Sustainability Indexes (World and STOXX), the world's most demanding ranking, that distinguishes the best performing companies on issues related to transparency, sustainability and excellence in economic management and social environment. fi

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29 ENErgIAs DE portugAl ENErgY mAD INItIAl

puBlIc shArE offEr christchurch, New Zealand-based light bulb maker Energy mad has announced an initial public share offer to raise up to $10 million and aims to list on the stock exchange in october. the offer, valuing the company at $37m, opened on August 29. Energy Mad co-founder Chris Mardon

said roadshows to promote the offer would begin in Dunedin at the end of the month and travel through the main centres to Auckland. "We've talked to three major brokers so

far," he said, "all of whom have been very supportive." Energy Mad was founded in 2004 with

the aim of selling enough energy-saving light bulbs to power Christchurch for a year. Since then it has grown rapidly and its Ecobulb products are now in use in 900,000 New Zealand homes. This year it had revenue of $8.6m and reported net profit of $0.8m. Profit is projected to grow to $4m in 2013 from revenue of $21m. Energy Mad's float will be only the second on the NZX this year after financial institution Heartland NZ listed in January. NZX chief executive Mark Weldon

welcomed the pending arrival on the market. He said: "They're a company that's shown remarkable entrepreneurial spirit and like their name, a lot of energy. "We've seen a lot of people, whether it's

the 42 Belows or the Charlie's or the slightly bigger companies like Kathmandu, come to market and do pretty well, and we'd hope to see the same thing happen here. It's good to see people coming to raise capital for growth," he added. fi

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 OCTOBER 2011