PERTH (SCOTLAND) (dpa-AFX) - SSE plc (SSE.L) announced its Board has determined it is not in best interests of stakeholders to proceed with proposed SSE Energy Services/npower transaction. The Board does not now believe the new company would be in a position to meet trading collateral requirements in a sustainable way; and does not now believe the new company would be capable of listing on the premium segment of Official List and Main Market of the London Stock Exchange.
Alistair Phillips-Davies, Chief Executive of SSE plc, said: 'We closely monitored the impact of all developments and continually reviewed whether this remained the right deal to do for our customers, our employees and our shareholders. Ultimately, we have now concluded that it is not.'
The Board has decided that other options for SSE Energy Services should now be considered, including a standalone demerger and listing on either the premium or the standard listing segment of the Official List, a sale or an alternative transaction.
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