February 12, 2020 / 2:23 PM / 10 days ago

Petrus Advisers takes stake in wind farm developer PNE - sources

FRANKFURT (Reuters) - British investor Petrus Advisers has bought into PNE AG (PNEGn.DE), two people familiar with the matter said, making it the latest activist fund to take a stake in the German wind farm operator, which Morgan Stanley (MS.N) had tried to take over.

PNE and Petrus Advisers, which last month extracted a top-up for its Comdirect (CDBG.DE) stake from Commerzbank (CBKG.DE), both declined to comment.

A Morgan Stanley-backed fund last year launched a 4.00-euro per share takeover bid for all of PNE and ended up owning a 39.80% stake after facing resistance from shareholders, most notably ENKRAFT Capital, that the offer was too low.

ENKRAFT and Active Ownership Capital jointly own more than 10% of PNE, whose shares were up 1.4% at 4.945 euros apiece on Wednesday, hitting their highest level since April 29, 2003 and giving it a market value of 379 million euros (£318.8 million).

Morgan Stanley had planned to delist PNE if it obtained more than half of the group’s shares.

Bloomberg had reported on Feb. 11 that Petrus Advisers was buying a stake in PNE.

Reporting by Christoph Steitz; Editing by Michelle Martin

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