ENN energy update

韓國SK控股一位新聞發言人周四表示，旗下一子公司SK E&S計劃至多斥資1,200億韓元(1.04億美元)增持中國燃氣控股公司的5%左右股權，以擴大在中國的天然氣業務。
SK E&S目前持有中國燃氣的5.9%股權。該公司準備進一步增持中國燃氣公司的股權，該公司高管稱此次計劃與任何并購交易無關，SK E&S目前還無意收購中國燃氣。
目前，中國燃氣正是中國石化集團聯手新奧能源控股公司的敵意收購對象。中石化集團與新奧能源在去年12月表示，計劃聯合出資167億港幣(合21.5億美元)收購中國燃氣的所有流通股。該公司上月表示，中石化與新奧能源的收購要約完全是未經他們同意的，屬於投機性質，并且不能反映該公司的基本價值。
另一家公司英國富地石油公司(Fortune Oil PLC)已在12月28日宣布，已以2420萬英鎊的價格收購了中國燃氣的2.15%股權。(網易財經)
點評: 呢d外資公司，擺明想"浪"高個價賺錢，新奧能源今日急跌8%，拖累組合落後大市 /.\

UBS有關ENN energy 報告:
The company will approach SK Group for a meeting in the coming weeks to discuss the transaction and offer price. It considers the offer price ofHK$3.5/share is fair for China Gas but there remains a possibility for an increasein offer price as some existing shareholders like SK Group acquired some sharesvia placement at c.HK$4/share in 2010.

Feb-end: ENN will provide a circular to its shareholders; March: ENN will hold anEGM and it will require 50% of shareholders' approval; Mar-end: to obtain regulatory approval; April: A formal offer document will be sent to China Gas andshareholders of which will have 21 days to respond. It will require 50% of ChinaGas' shareholders' approval before the deal is considered successful; May/June:Deal to be completed.

ENN remains confident to maintain its IG rating (at least from Fitch and S&P) and does not rule out the possibility of issuing shares to fund the transaction. We do notcover ENN bonds.

點評: 1) 睇黎有機會提價至4元以上，否則SK佢地不會罷休。2) ENN 有供股的可能。