A merger that would have created the world’s largest publicly traded offset aggregator fell apart on Friday, as a major shareholder pulled its support.
Trading Emissions (TRE.L) and Leaf Clean Energy (LEAF.L) have a combined market value of more than $500 million, according to Reuters.
However, analysts say the merger deal undervalued shares in Trading Emissions and Moore Capital, which owns 16% of the company and 3.3% of Leaf Clean, said it would not support the merger.
Shares of Leaf Clean fell by 17% on the news, but recovered following announcement that the company would buy back about 17.6 million shares.
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