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UK takeover panel cancels Harmony Energy auction

Published by Global Banking & Finance Review

Posted on May 20, 2025

1 min read

· Last updated: January 23, 2026

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UK takeover panel cancels Harmony Energy auction
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(Reuters) -UK's takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust, set to take place on May 21, after Drax, one of the bidders, decided against raising

UK Takeover Panel Halts Auction for Harmony Energy Income Trust

(Reuters) -UK's takeover panel on Tuesday cancelled an auction to conclude the sale of Harmony Energy Income Trust, set to take place on May 21, after Drax, one of the bidders, decided against raising its offer.

The panel had decided on a bidding process following proposals last month from two funds managed by British investment manager Foresight Group LLP, valuing Harmony at around 209.9 million pounds ($278.12 million), which surpassed Drax's 199.9 million pounds bid.

(Reporting by Prerna Bedi in Bengaluru; Editing by Shreya Biswas)

Key Takeaways

  • UK takeover panel cancels Harmony Energy auction.
  • Drax withdraws from the bidding process.
  • Foresight Group's bid valued at £209.9 million.
  • Auction was set for May 21.
  • Harmony Energy valued higher than Drax's offer.

Frequently Asked Questions

What event did the UK takeover panel cancel?
The UK takeover panel canceled an auction intended to conclude the sale of Harmony Energy Income Trust.
When was the auction for Harmony Energy scheduled?
The auction for Harmony Energy was scheduled to take place on May 21.
Who was one of the bidders in the Harmony Energy auction?
Drax was one of the bidders in the Harmony Energy auction.
What was the estimated value of Harmony Energy according to proposals?
The proposals from two funds managed by Foresight Group LLP valued Harmony at around 209.9 million pounds.
Who reported on the Harmony Energy auction cancellation?
The article was reported by Prerna Bedi in Bengaluru and edited by Shreya Biswas.

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