DENMARK Law and Practice Contributed by: Jakob Østervang, Peter Østergaard Nielsen, Anders Hørlyck Jensen and Tejs Degn Leth Ernst, Accura Advokatpartnerselskab
helps ensure that the offer complies with all applicable regulations and reduces the risk of an extension of the offer period, thereby minimising delays in the comple- tion of the tender offer once it is launched. However, if approvals are not yet obtained, the offeror must clearly disclose this in the offer document, and may rely on the extended offer period to await clearance. 4.15 Privately Held Companies Privately held energy and infrastructure companies in Denmark are commonly acquired through share purchase agreements, often preceded by structured bilateral negotiations or competitive processes. Stra- tegic buyers – such as utilities, infrastructure funds, or industrial players – typically seek control over assets, certificates, or integration potential. Transactions may involve earn-outs or milestone payments, especially in early-stage or development-phase projects. Key considerations include regulatory approvals, envi- ronmental permitting, grid access rights, and certifi- cate transferability. Due diligence often focuses on feedstock contracts (in biomethane), long-term offtake agreements (in power, CCS and PtX), and land use or zoning risks (in solar and wind). Founders should ensure corporate governance and cap table clarity, while investors must assess long-term policy stability and infrastructure readiness. State involvement – par- ticularly in subsoil or district heating assets – can also affect transaction structure and timing. 5. Overview of Regulatory Requirements 5.1 Regulations Applicable to Energy and Infrastructure Companies Setting up a company in the energy and infrastructure sector is no different than setting up any other com- pany in Denmark (see 2.1 Establishing and Financ- ing a New Company ). However, operating an energy facility requires specific approvals and is subject to special legislation, depending on the energy project being developed and operated. The Danish Energy Agency (DEA) is the main regulato- ry body involved in energy projects. The DEA oversees regulation related to energy production, distribution
and consumption. It is also the agency responsible for tenders and is further in charge of the different subsidy schemes in the energy market. The Danish Environmental Protection Agency (DEPA) is responsible for environmental regulations. However, in practice, some of the DEPA’s responsibilities are handled by the relevant municipality. The Danish Utility Regulator regulates and oversees the electricity, gas, and district heating sectors, ensur- ing fair competition and consumer protection. The time required to obtain the necessary permits and approvals can vary depending on the complexity of the project and the specific sector. Generally, the process involves: • submitting detailed project plans and environmen- tal impact assessments to the relevant authorities; • a review period for the authorities to review the application, which can take several months and can extend to a year or more; and • a public consultation phase for some projects, where stakeholders can provide input and raise concerns. Once all reviews and consultations are complete, the final permits and approvals are issued. 5.2 Primary Securities Market Regulators The primary securities market regulator for M&A trans- actions in Denmark is the Danish Financial Supervi- sory Authority (FSA), which oversees compliance with the Danish Capital Markets Act and the Takeo- ver Order, ensuring that all public takeover bids and related activities adhere to regulatory standards. 5.3 Restrictions on Foreign Investments In Denmark, there are restrictions on foreign invest- ments in certain sectors. The Danish Investment Screening Act (DISA) requires foreign investors to obtain prior authorisation for investments in certain
sensitive sectors. Mandatory Filing
Foreign direct investment (FDI) filings are mandatory for investments in sectors deemed critical to national
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