Swedish energy group Vattenfall has launched a takeover bid for Denmark’s Elsam. The Dk25 billion ($4.4 billion) offer was pitched to the consortium that controls 67% of Elsam, itself in the midst of a merger with Danish gas and oil group DONG. The deal sees Vattenfall offering Dk1,250 ($220) per share on the condition that it will acquire at least one third of the company’s equity. In the event that power prices rise, Elsam gains majority control of large Danish generation company Energi E2, and Vattenfall acquires more than a third of the company, the Elsam offer may rise to Dk1,450 ($255) per share.

Elsam is Denmark’s leading generator with more than 3,600 MW and, with over 400 MW, it is Scandinavia’s largest wind power operator.