Taiwan Cement Corporation(TCC) completed its acquisition of 60.48% of the issued share capital in ENGIE EPS through its wholly-owned subsidiary Taiwan Cement Europe Holdings B.V. (TCEH) The aggregate consideration of €132 million was paid in cash, representing a price of €17.10 per share.
Immediately following completion of the Transaction and as approved by the shareholders’ meeting of June 25, 2021, ENGIE EPS has been renamed“NHOA”. The new corporate website of NHOA is online at www.nhoa.energy.
Through the Transaction, the TCC group will be able to expand its international energy and energy storage footprint and diversify its product offerings, as well as strengthen its technical capabilities in the energy storage field. Cooperation with NHOA can help TCC to become a comprehensive storage solution provider and enter the global markets for electric vehicle fast chargers, microgrids, and hydrogen. Meanwhile, TCC’s majority shareholding will provide NHOA with a long-term shareholder which is already a major player in the renewable energy and energy storage industry, as well as with an industrial partner to support its international growth and assist in finding the required financial supports.
The composition of NHOA’s board of directors has been modified today in order to reflect the company’s new shareholding structure. Following the resignation of ENGIE’s representatives as Board members(including Mr. Thierry Kalfon, Chairman of the Board), Mr. Nelson Chang, Mr. Jong-Peir Li, Ms. Chia-Jou Lai and Ms. Feng-Ping Liu have been co-opted as new Board members of NHOA, as well as Ms. Chen-Ming Chang as independent director, alongside NHOA’s three existing independent directors(Mr. Romualdo Cirillo, Mr. Luigi Michi and Prof. Veronica Vecchi). Mr. Nelson Chang has been elected Chairman of the Board. These co-optations are subject to ratification by the next shareholders’ meeting of NHOA.
The Board, in its new composition, also resolved upon the appointment of Mr. Carlalberto Guglielminotti as group Chief Executive Officer of NHOA.
As stated in its press release of May 19, 2021, TCEH intends to maintain the listing of NHOA and it is not planning to request the implementation of a squeeze-out procedure upon closing of the Offer.