Today was another flat day in Nordic markets. Trade disputes are on the agenda again. EU announces tariffs on Chinese fibreglass and US is taking the case of credit card companies and electrical steel to WTO. USA is also rather hypocritically complaining that clean energy companies in China are receiving improper subsidies. Typically after a few day wait, China will have concluded a thorough analysis on some obscure sector and will announce a counter tariff (think for example some parts of chicken that only have value in Chinese cooking and are waste in US kitchens, so that US firms stand to benefit to import at any cost, sometimes even at negative how do you counter an argument of dumping?). The analysis is most likely already ready and waiting to be released, hence it is waterproof. Then the game can continue into some form of bidding for the tariffs. I am not particularly excited about the inevitable time when one sides starts to want to call the bluff.
The battle for the ownership and development of Greentech rages on. Two Italian companies convey interest. The other one, GWM Renewable group, has around 20% ownership and according to some reports another Italian company has directly contacted about a share purchase. GVM certainly seems to be at least considering acquiring the entire firm. A couple months ago with Greentech stock price hovering around 12 DKK, there was considerable market commentary insinuating that Greentech was trading at a considerable discount in comparison to its peers. Currently the stock is trading a little under 20DKK per share.
Another firm in the midst of ownership restructuring is Marine Farms. A huge bulk of shares has been bounced around from one entity to another last few days. Tecnotree has a new CEO and president. Fortum hosted its capital markets day and announced substantially higher CAPEX estimates for 2011 and going forward and reiterated its belief on good prospects in Russia, which will receive a substantial portion of those investments.
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