Morgan Stanley explores sale of PNE stake
Frankfurt According to insiders, the investment bank Morgan Stanley is considering selling its 40 percent stake in the German wind farm developer PNE. The considerations are still in the early stages, two people familiar with the matter told Reuters on Wednesday.
Potential buyers included French utility Engie and Swedish financial investor EQT. Engie, EQT, Morgan Stanley declined to comment. PNE could not initially be reached for a statement.
The MSIP infrastructure fund set up by Morgan Stanley would make a hefty sum if it were sold. He had bought the package for four euros per share after a failed takeover attempt in 2020.
PNE’s share price is currently around EUR 18.40. The share is currently worth around 560 million euros, the entire company 1.4 billion euros. A buyer of the package would have to make a takeover bid to all shareholders due to the size of the stake under German stock exchange law.
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