Share Sale: Major Shareholder Morgan Stanley Plans Exit From PNE
Cuxhaven, Germany - PNE AG could have a new main shareholder in the future. As the renewable energy project developer and operator has announced, Morgan Stanley and Photon Management GmbH, which is controlled by Morgan Stanley, intend to hold preliminary talks with potentially interested parties about a complete acquisition of the shareholding held by Photon Management GmbH in the company.
Photon Management GmbH is the largest shareholder of PNE AG with a share of 39.80 percent.
Should Photon Management GmbH sell its entire shareholding to an acquirer or should the acquirer purchase at least a 30 percent share, the acquirer would have to make a voluntary public takeover offer or a mandatory offer to acquire all PNE shares not already held by the acquirer in accordance with the provisions of the German Securities Acquisition and Takeover Act.
However, to the knowledge of the Board of Management, Morgan Stanley has not yet made a decision on the sale of the shareholding. According to PNE, it is not yet foreseeable whether such a sale will take place and, if so, at what conditions.
PNE AG announced that it would support the planned preliminary discussions to the extent permitted by law and in the interest of the Company.
Source: IWR Online, Oct 10 2022