Ovo Energy is planning a takeover of Shell Plc's UK gas and electricity business, a move that would allow the British retail energy supplier to reclaim the No. 2 spot in the British supply market, Sky News reported on Wednesday.
The Royal Dutch Shell logo is seen at a Shell petrol station in London, January 31, 2008. REUTERS/Toby Melville/File PhotoUK gas and electricity business, a move that would allow the British retail energy supplier to reclaim the No. 2 spot in the British supply market, Sky News reported on Wednesday.added, citing sources. Shell Energy Retail has about 1.4 million customers.
A successful deal would raise Ovo's customer base from about 4 million UK households to 5.4 million households, based on information available on Ovo and Shell websites. This would put Ovo ahead of Octopus Energy, currently the UK's second-largest supplier, which has nearly 5 million household customers after its takeover of energy supplier Bulb.
It was unclear if Ovo would fund a takeover of the business from existing financial resources or whether it would need to raise new equity or debt, according to the Sky report., the UK's biggest retail supplier, had also been exploring an offer for the SERL arm, citing industry executives.Reporting by Muhammed Husain in Bengaluru; Editing by Rashmi Aich and Jane Merriman
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