Germany's PNE draws more takeover proposals - report

"Courtesy of PNE WIND AG"

September 19 (Renewables Now) - German renewable energy firm PNE AG (ETR:PNE3), which got an indicative offer from Morgan Stanley Infrastructure Partners (MSIP) last month, has lured more suitors and is giving them access to its data room, Reuters reports.

Two people familiar with the matter have told the news agency that the wind power-focused company had attracted interest from private equity and infrastructure investors and has PwC on its side as a consultant. Among the new suitors are Australia’s Macquarie Group Ltd (ASX:MQG) and Swedish buyout firm EQT, the report says.

In late August, PNE said that MSIP had made a non-binding proposal that outlines possible key parameters for a takeover bid targeting all outstanding PNE shares at a price range of EUR 3.50 (USD 3.87) to EUR 3.80 per share. This could value the company at up to EUR 291 million, Reuters said.

According to a letter seen by the news agency, one of the company’s top 10 shareholders, ENKRAFT, believes that offer range to be “completely inadequate.”

The core business of PNE is project development. As at the end of June, 2019, the company had 4,952 MW of onshore wind projects in different phases of development across 14 countries. In the final phase -- implementation -- are projects totalling 41 MW and all of them are located in Germany.

(EUR 1.0 = USD 1.105)

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