July 15, 2024 | Energy | Europe | Active
On 30-May-24, Canadian investment management firm Brookfield, in collaboration with its Brookfield Renewable arm (BEP-U CN) and Singapore’s Temasek Holdings, announced that it had entered into exclusive negotiations with major shareholders of French renewable producer, Neoen. Brookfield plans to acquire 53.32% of Neoen from several key stakeholders, including Impala (an investment holding company owned by French entrepreneur Jacques Veyrat, holding 42.14%), the Fonds Stratégique de Participations (“FSP”, an alliance of seven major French insurance companies: BNP Paribas Cardiff, CNP Assurances, Crédit Agricole Assurances, Groupama, BPCE Assurances, Société Générale Assurances, and Surave, holding 6.92%), Cartusia and Xavier Barbaro (Neoen’s chairman and CEO; Cartusia is his investment vehicle, holding 1.22%), Céleste Management (holding 2.48%), and Mosca Animation Participations et Conseil (holding 0.55%). The stakes will be purchased for €39.85 per share, representing a 26.9% one-day premium. Following the block acquisition, Brookfield will pursue a mandatory cash tender offer to acquire the minority shares at the same price. Of note, Neoen’s 2023 dividend of €0.15 per share was paid to target shareholders on 11-Jun-24. At the time of the May 2024 announcement, the companies confirmed that ...
Please contact us to request access to this report.