Stock Groups

ContourGlobal shares jump 33% after KKR’s $2.2bln offer -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid

LONDON, (Reuters) – Shares of London’s ContourGlobal rose by a third Tuesday following the purchase by KKR in the United States. The power generator company was bought for 1.75 billion Pounds ($2.16 Billion). This move is part of KKR’s efforts to increase its portfolio in renewable energy.

According to the agreement announced Tuesday, KKR would pay 263.6 pence per share of ContourGlobal. It is 36% higher than the closing price of ContourGlobal on Monday.

Wednesday’s 33% rise in European trading early on Tuesday pushed the shares to their highest levels since August 2018.

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