October 1 (Renewables Now) - French wind power producer Futuren SA (EPA:FTRN) announced today that the renewables arm of EDF SA (EPA:EDF) is preparing to file a draft buyout offer for the company.
Specifically, EDF Renouvelables, Futuren’s majority owner, wants to buy the shares it does not already own at EUR 1.15 (USD 1.25) apiece. The plan is to follow the buyout offer with a squeeze-out at the same price.
At present, EDF Renouvelables owns about 251.5 million Futuren shares, representing 90.50% of the share capital and 90.36% of the voting rights.
Futuren said in a statement that its board of directors will provide a reasoned opinion on the contemplated offer based on a report of an independent expert, which, in this case, is the firm Associes en Finance.
(EUR 1.0 = USD 1.089)