Brookfield Renewable Holdings SAS increases its offer price for Neoen's 2022 OCEANEs in a simplified tender offer.
Quiver AI Summary
Brookfield Renewable Holdings SAS has announced an increase in the offer price for the 2022 OCEANEs as part of its mandatory simplified tender offer for Neoen shares, raising the offer from EUR 101,382.00 to EUR 105,000.00. The prices for Neoen shares and the 2020 OCEANEs remain unchanged at EUR 39.85 and EUR 48.14, respectively. Brookfield will submit an updated offer document to the French financial markets authority (AMF) reflecting this change, while Finexsi will provide an updated report to assist Neoen's board in their recommendations. Brookfield currently holds 67.69% of Neoen's shares and has not previously held any 2022 OCEANEs. The revised offer documents will be accessible on the websites of both Brookfield and Neoen, and the offer is subject to AMF review.
Potential Positives
- Brookfield Renewable Holdings SAS has increased the price offered for the 2022 OCEANEs, indicating a commitment to enhancing shareholder value.
- The ongoing tender offer showcases Brookfield's strategic interest in acquiring Neoen, potentially leading to synergies and growth opportunities for the company.
- Brookfield holds a significant majority stake in Neoen, which may strengthen its influence and control over strategic decisions within Neoen’s operations.
Potential Negatives
- The increase in the offered price for the 2022 OCEANEs may indicate lower initial confidence in the valuation of these securities, potentially reflecting uncertainties about their worth or demand.
- The announcement of a simplified tender offer may be perceived as a response to pressure from shareholders or market trends, which could indicate instability or lack of strategic clarity within the company.
- The resignation of the Fonds Stratégique de Participations from the ad hoc committee could raise concerns about governance and the management of shareholder interests.
FAQ
What is the new price for the 2022 OCEANEs?
The price offered for the 2022 OCEANEs has increased from EUR 101,382.00 to EUR 105,000.00.
Who filed the mandatory simplified tender offer?
The mandatory simplified tender offer was filed by Brookfield Renewable Holdings SAS on January 2, 2025.
Where can I find the updated draft offer document?
The updated draft offer document can be found on Brookfield's website at www.neoen-offer-brookfield.com.
What share of Neoen does Brookfield currently hold?
Brookfield holds 67.69% of the share capital and voting rights of Neoen.
What is Neoen's target capacity for 2025?
Neoen aims for a total capacity of 10 GW in operation or under construction by 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Paris, Jan. 24, 2025 (GLOBE NEWSWIRE) -- NOT TO DISTRIBUTE, PUBLISH OR DISSEMINATE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION IN WHICH DISTRIBUTION, PUBLICATION OR DISSEMINATION WOULD BE PROHIBITED.
Brookfield Renewable Holdings SAS increases the price offered for the 2022 OCEANEs as part of the simplified tender offer for the Neoen shares and OCEANEs
Toronto and Paris, January 24, 2025:
Following the filing on January 2, 2025 by Brookfield Renewable Holdings SAS (" Brookfield ") of a mandatory simplified tender offer for the Neoen shares, the OCEANEs issued in 2020 (the " 2020 OCEANEs ") and the OCEANEs issued in 2022 (the " 2022 OCEANEs ") with the French financial markets' authority ( Autorité des Marchés Financiers , the " AMF ") 1 , Brookfield announces that it has decided to increase the price offered for the 2022 OCEANEs from EUR 101,382.00 to EUR 105,000.00 2 .
The price offered for the Neoen shares of EUR 39.85 and for the 2020 OCEANEs of EUR 48.14 remains unchanged. Brookfield will file with the AMF an updated draft offer document reflecting the improved price for the 2022 OCEANEs.
Finexsi 3 , acting as independent expert appointed by Neoen, will issue an updated version of its report based on which the ad hoc committee will issue its recommendation for the board of directors of Neoen 4 .
The updated version of Finexsi's report and the revised reasoned opinion of Neoen's board of directors will be included in the updated draft response document which will be filed by Neoen with the AMF.
Brookfield holds, directly and indirectly, alone and in concert 5 , and by assimilation, 103,464,986 shares (i.e. 67.69% of the share capital and theoretical voting rights of Neoen) and 1,103,895 2020 OCEANEs (i.e. 30% of the 2020 OCEANEs). Brookfield does not hold any 2022 OCEANEs.
The updated draft offer document will be available on the website of Brookfield Renewable Holdings ( www.neoen-offer-brookfield.com ) and the updated draft response document will be available on the websites of Neoen ( www.neoen.com ). These documents will also be available on the website of the AMF ( www.amf-france.org ).
The proposed mandatory simplified tender offer initiated by Brookfield Renewable Holdings SAS remains subject to review by the AMF.
Contact information
Neoen
François Repolt (Investors) Fabrice Baron (Media)
+33 6 60 46 59 45 +33 6 14 08 29 81
[email protected]
[email protected]
Brookfield
John Hamlin (Médias) Aurélia de Lapeyrouse
+44 7436 054 717 +33 6 21 06 40 33
[email protected]
[email protected]
Neoen
Founded in 2008, Neoen is one of the world’s leading independent producers of exclusively renewable energy. With expertise in solar power, wind power and storage, the company plays an active role in the energy transition by producing and supplying competitive, green, local energy on four continents. After a four-fold increase in the last six years, its capacity in operation and under construction stands at 8.9 GW.
Neoen’s flagship operations are France’s most powerful solar farm (300 MWp) in Cestas, Finland’s largest wind farm (404 MW) in Mutkalampi, and two of the world’s most powerful large-scale storage plants including Collie Battery (219 MW / 877 MWh) and Western Downs Battery (212 MW / 424 MWh) in Australia.
A high-growth company, Neoen is targeting 10 GW in operation or under construction in the course of 2025. Neoen is listed in Compartment A of Euronext’s market in Paris (ISIN code: FR0011675362, Ticker: NEOEN) on the SBF 120, CAC Mid 60 and S&P 600 indexes.
For more information: www.neoen.com
Disclaimer
The foregoing relates to the contemplated tender offer filed by Brookfield Renewable Holdings SAS, pursuant to the General Regulations of the Autorité des marchés financiers , on all shares and OCEANEs of Neoen (the " Offer ").
The Offer is not and will not be made in any jurisdiction where it would not be permitted under applicable law.
The Offer has not been subject to any application for registration or approval by any financial market regulatory authority other than the AMF and no measures will be taken in this respect. Neither the draft offer document, the draft response document nor any other document relating to the Offer constitutes an offer to sell or acquire financial instruments or a solicitation of such an offer in any jurisdiction in which such an offer or solicitation would be unlawful, could not validly be made, or would require the publication of a prospectus or the completion of any other formality under local financial law.
The holders of Neoen shares and OCEANEs located outside of France can only participate in the Offer if permitted by the local laws to which they are subject, without Brookfield Renewable Holdings SAS having to carry out additional formalities. Publication of the draft offer document, the draft response document, the Offer, the acceptance of the Offer and the delivery of the Shares or OCEANEs may, in certain jurisdictions, be subject to specific regulations or restrictions. Holders of Neoen shares and OCEANEs located outside of France may only participate in the Offer to the extent that such participation is permitted under the local law to which they are subject. Accordingly, persons in possession of the Draft Offer Document are required to obtain information regarding any applicable local restrictions and to comply with such restrictions. Failure to comply with such restrictions may constitute a violation of applicable securities laws. Brookfield Renewable Holdings SAS and Neoen shall not be liable for any breach by any person of any applicable legal or regulatory restrictions.
The Offer will be made in the United States of America in accordance with Section 14(e) of the U.S. Securities Exchange Act of 1934, as amended, (the "U.S. Exchange Act" ) the rules and regulations promulgated thereunder, including Regulation 14E after application of the exemptions provided by Rule 14d-1(d) of the U.S Exchange Act (the "Tier II" exemption) and the requirements of French law.
1 See press releases published by Brookfield and by Neoen on January 2, 2025.
2 This price is coupon attached. The amount of the Offer Price per 2022 OCEANE is EUR 103,562.50 ex-coupon, the amount of the coupon being EUR 1,437.50 (the coupon detachment is scheduled for 12 March 2025).
3 See press release published by Neoen on May 30, 2024.
4 The ad hoc committee was recomposed following the resignation on December 27, 2024 of the Fonds Stratégique de Participations (FSP), represented by Mr. Christophe Gégout, from its directorship: Neoen's board of directors has appointed Mr. Xavier Barbaro as a new member of the ad hoc committee to replace the FSP.
5 In concert with (i) Aranda Investments Pte Ltd (controlled by Temasek), (ii) Mr. Xavier Barbaro, directly and indirectly through the companies he controls, and (iii) Mr. Romain Desrousseaux.