Mission NewEnergy ends talks with D1 Oils

Perth, Australia-based Renewables firm Mission NewEnergy Ltd. said it dropped its bid for biofuels firm D1 Oils PLC because a major shareholder in D1 did not support it. Mission NewEnergy approached the board of D1 with a possible offer pitched at 16 million pounds (US$14.14 million) in shares in June. Mission NewEnergy said D1’s board supported the proposed offer but Principle Capital Holdings SA, a fund manager, opposed it. Without Principle’s support its offer cannot be successful and talks have been terminated, the company said. Principle owns roughly 21% of D1’s shares. (August 17, 2010)