Thailand: Regulator blocks US$4b sale of Engie’s Glow to PTT

Thailand’s energy regulator has blocked PTT’s bid to acquire power firm Glow Energy from France’s Engie for up to US$4 billion, reported Reuters.

The deal, first announced this summer, would have involved the sale of a 69.1% stake in Glow, worth up to US$2.8 billion, to Thailand’s Global Power Synergy (GPSC), a unit of state-backed energy giant PTT.

But on Thursday, October 11, GPSC announced in a statement that “the Energy Regulatory Commission . . . resolved to disapprove the application.”

“The acquisition would have led to a monopoly in some industrial areas and therefore it is considered to reduce competition,” the Energy Regulatory Commission of Thailand announced in a statement, according to Reuters.

GPSC said in a statement that it would not make the tender offer.  “We respect the decision,” PTT CEO Chansin Treenuchgron told reporters, adding that an appeal would be “up to GPSC’s board.”

Full Content: Reuters
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