December 20, 2019 / 1:34 PM / a month ago

Takeover target PNE wins 30 MW in German onshore wind tender

FRANKFURT, Dec 20 (Reuters) - Wind farm developer and takeover target PNE AG won around 30 megawatts in Germany’s latest onshore wind auction, a spokesman said on Friday, capturing a 6% share of the total on offer.

Fifty six bids were approved, of which seven were won by PNE, Germany’s network agency Bundesnetzagentur said. Other winners included ABO Wind, EnBW and MVV’s Juwi.

PNE is the target of a takeover attempt by Morgan Stanley Infrastructure Partners (MSIP), which had secured 39% of shares by a Dec. 12 deadline for the bid. The offer is supported by PNE’s management and supervisory boards but opposed by investor ENKRAFT which considers it to be too low.

Bidders can still tender their stock until Dec. 31. (Reporting by Christoph Steitz; Editing by Susan Fenton)

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