Sydney, Australia— (METERING.COM) — January 11, 2007 – Macquarie Bank and BC Partners have agreed to share control of German metering company Techem if Macquarie’s 1.4 billion euros ($A2.34 billion) bid for it succeeds.
The Australian bank, which was previously in a bidding war for Techem with BC Partners, a pan-European private equity company, said its bid would remain at 55 euros ($A91.80) per share, and that Techem’s supervisory board had recommended it to its shareholders. The offer, which had been due to expire on January 15, has been extended to January 29.
Macquarie has also said that Techem Chief Executive Horst Enzelmueller had agreed to a new five-year contract.
Techem provides energy and water-metering services for about 7.4 million households in Europe.