DONG Purchase 11.5% Of Danish Power Group

DONG, the Danish state owned oil and gas company, has agreed to buy 11.5 percent of the country's top power provider for 458 million kroner ($58 million) to expand its business as the government prepares a sale.

The company, whose full name is Dansk Olie & Naturgas A/S, bought 150,003 shares in NESA A/S from Sweden's Vattenfall AB for 3,050 kroner a share, Chief Executive Officer Anders Eldrup said in an interview. NESA shares rose 100 kroner to 2,600 kroner.

“It's DONG's strategy to be able to trade and sell all types of energy,” said Eldrup. “It was a fair and reasonable price, even though it was more than NESA's current share price.”

DONG is one of the assets the Liberal Conservative government, which came to power in November, is planning to sell. DONG has also snapped up Pelican AS, a Norwegian oil company, to boost its appeal for potential bidders.

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