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Morgan Stanley fund makes indicative proposal for Germany's PNE

"Courtesy of PNE WIND AG"

August 27 (Renewables Now) - German renewable energy firm PNE AG (ETR:PNE3), which mainly focuses on wind power, has received an indicative non-binding takeover offer from Morgan Stanley Infrastructure Partners (MSIP).

PNE confirmed this on Monday in response to market rumours. It said that MSIP’s proposal outlines possible key parameters for a potential takeover bid for all outstanding PNE shares at a price range of EUR 3.50 (USD 3.89) to EUR 3.80 per share.

MSIP is holding talks with PNE as an advisor of the North Haven Infrastructure Partners III infrastructure fund. The discussions revolve around possibilities of co-operations and investments, the statement mentions.

PNE noted that any possible transaction is subject to the conclusion of due diligence and the signing of a definitive agreement.

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 1.111)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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