Neoen tracks best day ever after Brookfield's buyout offer
31/05/2024 08:54
** Shares in Neoen NEOEN.PA jump 20.5% after the French
renewable power producer confirmed on Thursday that Canada's
Brookfield and its partners have entered talks to buy the
entirety of the company
** Neoen shares, which were suspended on Thursday following
the announcement, head for their best one-day performance ever
** The shares currently trade at 37.8 euros, approaching the
39.85 euros offer price made by Brookfield and its partners for
53.32% of the co followed by a tender offer for remaining shares
** "We advise shareholders to tender," Stifel analysts wrote
in a note to clients, adding that the offer price is a "great
alignment of interests for all shareholders"
** J.P. Morgan says the deal provides further scale in
Neoen's core markets, a strong development pipeline, as well as
opportunities to potentially expand recently announced deal with
Microsoft to other geographies
(Reporting by Olivier Sorgho)
((Olivier.Sorgho@thomsonreuters.com))