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Search resuls for: "Christoph Steitz Andres Gonzalez Emma-Victoria Farr"


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☆ Morgan Stanley plans preliminary talks for stake sale in German renewable firm PNE
  + stars: | 2022-10-20 | by ( Christoph Steitz Andres Gonzalez Emma-Victoria Farr | Christoph Steitz | Andres Gonzalez | ) www.reuters.com   time to read: +2 min
FRANKFURT/LONDON, Oct 20 (Reuters) - Morgan Stanley's infrastructure investment arm is weighing a sale of a 40% stake in German wind and solar power project developer PNE AG (PNEGn.DE) after being approached by potential suitors, three people familiar with the matter said. PNE confirmed on Thursday that Morgan Stanley and Photon Management intend to enter into open-ended preliminary talks with potential interested parties regarding Photon's stake in PNE. Photon, which is controlled by Morgan Stanley, is PNE's largest shareholder. Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules.
☆ EXCLUSIVE Morgan Stanley weighs sale of stake in German renewable firm PNE -sources
  + stars: | 2022-10-20 | by ( Christoph Steitz Andres Gonzalez Emma-Victoria Farr | Christoph Steitz | Andres Gonzalez | ) www.reuters.com   time to read: +2 min
Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. PNE, which has a project pipeline of more than 9 gigawatt and a generation portfolio worth 261 megawatt, has a current market capitalisation of 1.4 billion euros ($1.38 billion), valuing Morgan Stanley's stake at 560 million euros. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules. A potential sale of MSIP's participation would result in chunky profits given the investment bank bought in at 4.00 euros per share and saw PNE's value grow to 18.50 euros. News about the potential stake comes in the wake of major renewables deal in recent weeks, including RWE's RWEG.DE $6.8 billion purchase of Con Edison's ED.N cleantech unit and BP's BP.L $4.1 billion takeover of U.S. biogas producer Archaea LFG.N.
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