The French financial markets authority (AMF) approved the mandatory simplified cash tender offer initiated by Brookfield Renewable Holdings for Neoen’s remaining shares and convertible bonds (OCEANEs) on February 11, 2025. Brookfield Renewable Holdings is a special-purpose vehicle indirectly controlled by Brookfield Asset Management and Brookfield Corporation, along with institutional partners.
Brookfield proposes to acquire all remaining shares of Neoen, representing approximately 32.31% of its share capital, and all remaining OCEANEs. The offer is priced at 39.85 euros per share, representing a premium of 40.3% and 43.5% over the 3-month and 6-month VWAP of Neoen shares as of May 29, 2024.
The AMF's approval clears a significant regulatory hurdle, allowing the tender offer to open on February 13, 2025, and close on March 13, 2025. If legal conditions are met at closing, Brookfield Renewable Holdings will request a squeeze-out procedure on the remaining Neoen shares and OCEANEs.
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