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Barclays to buy carbon trader for £98m

Barclays agrees to buy Swedish carbon trader Tricorona

03 June 2010

Barclays has successfully negotiated the £98 million acquisition of Swedish carbon credits trader Tricorona.

The bank offered around eight Swedish kronor (70p) per share for Tricorona, which specialises in the sourcing, development and trading of offsets from greenhouse gas reduction projects in developing countries.

Barclays Capital, the banks investment division, claims the move will further cement its position as a leading trader in the carbon emissions market.

Tricorona shareholders, who hold around 20 per cent of the group's shares, have already entered into an agreement over the deal.

The Stockholm-based firm recently rejected a smaller takeover offer from the Swedish energy company Opcon AB.

Gus Hochschild, analyst for financial group Mirabaud, told Reuters: "This transaction offers a better fit, especially given that Barclays is one of the most active participants in the carbon markets."

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