ENN Is Said to Mull Dropping $12 Billion Buyout of Energy Unit
(Bloomberg) -- ENN Energy Holdings Ltd.’s biggest shareholder is considering abandoning a nearly $12 billion buyout offer for the Hong Kong-listed company, according to people familiar with the matter.
The shareholder, ENN Natural Gas Co., may decide not to extend a deadline to meet pre-conditions for a take-private transaction, the people said, asking not to be identified because the deliberations are private.
An announcement might come as soon as the current deadline of Friday, though no final decision has been made, they said.
ENN Natural Gas, which owns about 34% of ENN Energy through Xinneng (Hong Kong) Energy Investment, already agreed to extend a March 13 deadline to June 12.
ENN Natural Gas made a cash and stock offer in March 2025 that valued ENN Energy at about HK$90.5 billion ($11.5 billion). The Shanghai-listed company, one of China’s main importers of liquefied natural gas, said at the time it wouldn’t increase the offer, and that it planned to delist ENN Energy afterward. ENN Natural Gas has, meanwhile, applied to list shares in Hong Kong.
Representatives for ENN Natural Gas and ENN Energy declined to comment.
ENN Energy has tumbled 30% in Hong Kong this year, valuing the company at about $7 billion. ENN Natural Gas has dropped 12% over the same period in Shanghai, for a market value of $8.4 billion. Its first-quarter net income fell 33% from a year earlier to 655 million yuan ($97 million).
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