PNE AG has confirmed that it is in talks with Morgan Stanley Infrastructure Partners (MSIP) as advisor of the North Haven Infrastructure Partners III fund on possible co-operations and investments that would include a takeover offer for the German renewables developer.
PNE has received an indicative non-binding offer from MSIP regarding a potential takeover offer for all outstanding shares of PNE AG at a price of €3.50-3.80 per share.
Shares in the Cuxhaven-based developer surged on the news Tuesday, up 14.89% at €3.395 ($3.7712), at the Frankfurt stock exchange in the early afternoon.
Outcome and timing of the conversations are not yet certain, PNE said.
Also, any possible transaction is subject to finalisation of due diligence and signing of a transaction agreement, the developer stressed.
Earnings before interest and taxes (Ebit) at PNE during the first half of 2019 tripled to €12.9m, from €4.1m in the year-earlier period as the developer took 404MW in wind projects in operation or started their construction.
The company recently expanded its business activities in Poland and Sweden, and is also active in France, the US and has recently entered the market in Panama – next to its activities in the German home market.
