EDF EN closes buy of majority in Futuren

EDF Energies Nouvelles (EDF EN) has completed the acquisition of a 67.2% stake in French wind power producer Futuren SA (EPA:FTRN) and is preparing to file a draft simplified public tender offer for the remaining shares.

As announced a month ago, the renewables arm of EDF SA (EPA:EDF) agreed to buy 61.6% of Futuren’s ordinary shares for EUR 1.15 (USD 1.29) per share. In addition, it will buy 96% of the target’s convertible bonds at an ex coupon price of EUR 9.37.

The transaction was completed on June 9 following the positive outcome to the applicable employee consultation procedures and the approval of the German competition authority, Futuren said today.

According to the announcement, EDF EN will shortly file a tender bid for the remaining shares at the same price. This draft simplified public tender offer needs to be reviewed by the Autorite des Marches Financiers (AMF).

At the same time, Futuren’s former board chairman Michel Meus, as well as Fady Khallouf and Jerome Louvet have all resigned from the company’s board of directors. They will be replaced by Bruno Fyot, who will be the new chairman, Denis Rouhier and Benedicte Gendry. The company’s shareholders will meet on June 28 to ratify these appointments and to approve the appointment of two further directors to be proposed by the new controlling shareholder.

(EUR 1.0 = USD 1.122)

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