Capital AllocationThe acquisition ties-up capital in a company not paying a dividend.
Investor ConcernsThe deal ties up capital in assets without return of cash, coming as investors hope for a reduction, not increase in REN spend.
Market ReactionThe market reacted negatively, with EQNR losing $2.3B in the US session versus the $2.5B value of EQNR's stake in Orsted.