Leaf Clean Energy Co, which invests in clean-energy companies mainly in North America, agreed to merge with closed-end investment company Trading Emissions Plc in an all-share deal, creating the largest carbon-focused company listed in London.

The deal constitutes a reverse takeover for Leaf Clean under the AIM rules.

The merged company says it will have a balanced portfolio of renewable energy and other carbon exposed assets in the US, Asia, Africa and Latin America.

Non-executive chairman of Trading Emissions, Neil Eckert says the proposed merger of complementary businesses “provides compelling benefits for their shareholders with important scale and geographic diversification giving greater opportunity to benefit from the expected growth in a globally developing clean energy industry”.

The acquisition will be conducted on a formula asset value basis and will consist of a share-for-share exchange.

Trading Emissions specializes in renewable energy projects and emissions instruments such as carbon credits.

At 1330 GMT, Trading Emissions shares were up 1.1 percent at 93.5 pence on the London Stock Exchange. They touched a high of 100 pence earlier in the session.

Leaf Clean shares fell 16.1 percent before recouping some of the losses to trade down 12.9 percent at 67.5 pence.

Copyright Green Technology Daily 2009. All rights reserved.

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