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TotalEnergies buys €5.1bn stake in Czech tycoon’s power plants business

about 16 hours ago
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The Czech billionaire Daniel Křetínský is to become one of the largest shareholders in TotalEnergies after selling a stake in his electricity generation business, which includes several UK power plants, to the French oil company.Křetínský, whose companies own stakes in Royal Mail and West Ham United football club, agreed to sell a 50% stake in his stable of European power plants to TotalEnergies for about €5.1bn (£4.5bn) in exchange for about 4.1% of Total’s share capital.

The deal will make his power generation business, Energetický a průmyslový holding (EPH), one of the French company’s biggest investors.It means Total will also own a share in a string of electricity generation assets across the UK, France, the Netherlands and Italy through a new joint venture.Křetínský, the chair of EPH, said his company was “highly interested in becoming a long-term anchor shareholder of TotalEnergies”, and in creating a joint venture that was “a leading player in European flexible power generation”.The tycoon, known as the Czech sphinx, became the first foreign owner of Royal Mail in its 509-year history after completing a deal to buy its parent company this year.Křetínský, who is ranked 22nd on the Sunday Times rich list with an estimated fortune of £7.

79bn, made much of his fortune in running coal, gas and power generation operations.He also owns 27% of West Ham and 10% of the Sainsbury’s supermarket chain alongside stakes in several retailers including the US department store Macy’s, the trainer retailer Foot Locker and the German retailer turned wholesaler Metro.Under the TotalEnergies deal, a new 50/50 joint venture will own enough UK power stations to meet the electricity demand of more than 3m homes, including Lynemouth power station in Northumberland the Kilroot power plant in Northern Ireland.It will offer TotalEnergies, which is a big importer of liquefied natural gas into Europe, a network of customers for its gas and help to expand its power trading activities across Europe.Patrick Pouyanné, the French company’s chair and chief executive, said: “Given our position as the number one gas supplier in Europe, this transaction enables us to fully capitalise on gas-to-power integration and create added value for our LNG chain, independently of oil cycles.

”Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionTotalEnergies is one of the largest oil and gas producers still operating in the UK’s North Sea basin.The company is also developing offshore windfarms in UK waters as well as solar farms in England and Wales.Meanwhile, an electricity networks company owned by the Octopus Group has agreed to buy about 20 electricity distribution projects across the UK from Sweden’s state-owned energy company, Vattenfall.Eclipse Power Networks will acquire Vattenfall’s independent energy networks for an undisclosed sum.This brings the assets under the Octopus Group umbrella, which also includes Octopus Energy, Britain’s biggest energy supplier.

The deal means Vattenfall’s exit from the UK electricity distribution market, while its other British operations including onshore and offshore windfarms continue to operate,
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My Cultural Awakening: I moved across the world after watching a Billy Connolly documentary

I was 23 and thought I had found my path in life. I’d always wanted to work with animals, and I had just landed a job as a vet nurse in Melbourne. I was still learning the ropes, but I imagined I would stay there for years, building a life around the work. Then, five months in, the vet called me into his office and told me it wasn’t working out. “It’s not you,” he said, “I just really hate training people

3 days ago
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The Running Man to David Hockney: your complete entertainment guide to the week ahead

Stephen King’s dystopian novel gets an Edgar Wright reboot with Glen Powell, while the prolific British master is back with new paintingsThe Running ManOut nowEdgar Wright directs this reimagining of the 1987 sci-fi cult classic based on Stephen King’s 1982 novel, which envisioned a fictional America of 2025 sliding into totalitarianism. Glen Powell stars as the contestant attempting to survive a deadly televised game.Now You See Me: Now You Don’tOut nowThis third film in the magic-heist franchise reunites Jesse Eisenberg, Woody Harrelson, Dave Franco and Isla Fisher as the Four Horsemen. Directed by Ruben Fleischer (Zombieland), the new instalment sees the gang target a massive diamond. Expect more sleight-of-hand shenanigans

3 days ago
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The Guide #217: The Louvre heist seems straight out of a screenplay – no wonder on-screen capers have us gripped

It was like something out of a movie. On the morning of 19 October, news broke of a heist at the Louvre in Paris: four thieves, disguised as construction workers, had made off with eight “priceless” pieces of French crown jewels from the 19th century. They also took a crown that once belonged to Empress Eugénie, wife of Napoleon III, but for some reason dropped it outside the museum. The haul has since been valued by a prosecutor at around €88m.The details of the case are astonishing, from the robbery itself – the thieves arrived in broad daylight, using a truck with a mechanical ladder to access the targeted gallery’s window, which they cut through with power tools – to subsequent revelations about the museum’s security measures

4 days ago
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Seth Meyers on Trump: ‘The most unpopular president of all time’

Seth Meyers spoke about rising tensions within the Republican party with Donald Trump losing support from his base over the Jeffrey Epstein scandal.The Late Night host spoke about yesterday’s dramatic meeting in the situation room to discuss Epstein, an ongoing crisis that has seen the president becoming “wildly unpopular”.Meyers said that Trump is “by all the accounts the most unpopular president of all time” and up until this point has only been “able to hang on to power because he has a tight grip on the Republican party no matter what he did or how bad things got”.But a new poll shows that only 33% of American adults approve of how the president is managing the government, a figure that’s down from March with the fall driven by Republicans or independents.Meyers called this “a meaningful and real development” and “it’s not coming out of thin air” with Trump “pissing off Maga” in multiple ways

4 days ago
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Colbert on Trump and Epstein: ‘They were best pals and underage girls was Epstein’s whole thing’

Late-night hosts covered this week’s latest bombshell Epstein and Trump revelations and spoke about the president’s latest interview with Laura Ingraham.On The Late Show, Stephen Colbert spoke about the government shutdown likely coming to an end after “an historic impasse” (the shutdown later did end) and Democrat Adelita Grijalva being sworn in as a member of Congress, seven weeks after she won a special House election in Arizona.Colbert said she has been “reborn from the ashes” and will be the 218th and final signature needed to force a vote to release the Jeffrey Epstein files.He joked that on her first day she was shown around and told “down there is the room where you’re going to topple the pervert cabal”.This week saw some new emails from Epstein released which suggest Trump knew of his conduct

5 days ago
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Colbert on Trump ‘building a massive compensation for his weird tiny penis’

Late-night hosts spoke about the controversial behavior of a small group of Democrats and Donald Trump’s continued destruction of the White House.On The Late Show, Stephen Colbert spoke about the vote to end the federal government shutdown which has seen some Democrats choosing to cave to Republican demands without restoring the healthcare subsidies which were initially threatened.Chuck Schumer told his party he would give the deal neither a blessing nor a curse and would give no steer on how to vote.Colbert joked that this was “bold leadership” and commented on Schumer’s “failure” in the situation.The shutdown has caused major chaos at airports as air traffic controllers were being unpaid for so long that many of them stopped coming to work

5 days ago
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Lawyers for Fed governor accuse Trump administration of ‘cherry-picking’ facts in fraud case

about 8 hours ago
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Japan and Switzerland’s economies contract as US tariffs hit exports; Alphabet shares jump after Warren Buffett reveals stake – as it happened

about 11 hours ago
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Jeff Bezos reportedly launches new AI startup with himself as CEO

about 13 hours ago
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White nationalist talking points and racial pseudoscience: welcome to Elon Musk’s Grokipedia

about 18 hours ago
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NRL joins AFL in identifying players it suspects of drug use for testing target ‘list’

about 3 hours ago
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Dangerous times lie ahead for NRL as latest skirmish with rugby union ramps up | Nick Tedeschi

about 4 hours ago