Swedish energy company Vattenfall has made an all-cash offer of EUR8.5 billion for 100% of the shares of Dutch company Nuon's production and supply business. Nuon's grid company is not involved in the transaction.

Both companies have agreed that Vattenfall will acquire 49% of the shares initially and have operational control, and the remaining 51% will be acquired over the next six years.

The companies will continue to develop carbon capture and storage projects and offshore wind will remain a key