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Morgan Stanley Unit to Buy Germay Wind Farm Operator PNE Wind

Power News - Published on Mon, 14 Oct 2019

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Bloomberg reported that Morgan Stanley’s infrastructure arm agreed to buy German wind farm operator PNE Wind AG for 300 million euros, highlighting investor appetite for renewable energy. PNE Wind’s board accepted a bid of 4 euros a share from Morgan Stanley Infrastructure Partners, which intends to delist the stock. Demand for renewable energy is rising amid falling prices and an investor push to curb emissions and fight climate change. Honda Motor Co. agreed last month to buy 320 megawatts of electricity from wind and solar farms in Texas and Oklahoma, the biggest ever clean-power purchase by an automaker.

The PNE deal still needs to meet a minimum acceptance threshold of 50% of the shares plus one to become final, and not all investors are in favor.

Enkraft Capital Managing Director Mr Benedikt Kormaier said that “Based on the strong planning and development pipeline, the proposed offer fundamentally undervalues the company.” The investor earlier threatened an audit of the sale if PNE couldn’t show that a the company had run a standard auction.

It’s “distressing to see the management and supervisory boards trying to enable MSIP to acquire a large stake in the company below market value and attempting to force shareholders out of the company by threatening to delist shares.”

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Posted By : Rabi Wangkhem on Mon, 14 Oct 2019
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