Macquarie's fund fails to complete takeover bid on French Theolia

Sep 17, 2013 - French wind power producer Theolia (EPA:TEO) said on Friday that the friendly takeover bid launched on its capital by MEIF4 AX Holdings, a unit of Australian investment fund Macquarie Group (ASX:MQG), was unsuccessful.
The bid was subjected to the condition of the acquisition of at least two-thirds of the voting rights, but the fund was able to acquire only 64.49% of the capital and 64.79% of the voting rights.
The takeover project was opposed by some minority shareholders in Theolia, which the group has accused of maneuvering to hinder the success of the transaction.
Theolia said it may take further action, without giving more details.

The group was hoping to get the support of a long-term, majority shareholder which could provide stability in a difficult economic and regulatory environment.
Furthermore, the bid would have helped Theolia to repay its convertible bonds ahead of the early redemption date of January 1, 2015, and to pursue its development plans.

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