The Danish Ministry of Finance has blocked renewable energy company Orsted’s proposed sale of its distribution network and retail business, saying there is no political support for the process, Orsted said late January 20. When planning the sales in June last year Orsted, which is 50%- owned by the Danish government, said the funds would be used to maintain the company’s rating, fund dividends and growth, with any excess capital returned to shareholders. “To Orsted’s surprise, the Danish Ministry of Finance has now informed Orsted that there is no longer political support for continuing the structured divestment process,” it said. The company would abandon the current sales process while continuing to list the businesses as assets held for sale, it said. It would then look at different options for exiting the businesses, “which ultimately could entail a separation” of the businesses to Orsted shareholders. On June 26 last year Orsted announced plans to sell off its Danish power distribution business, its residential customer business for power and gas and its city lighting business.
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