Approval of Brookfield Renewable Holdings’ mandatory simplified cash tender offer for Neoen by the French financial markets authority
Brookfield Renewable Holdings has received approval from the French financial markets authority (AMF) for its mandatory simplified cash tender offer for Neoen. The offer targets approximately 32.31% of remaining Neoen shares at €39.85 per share, representing a premium of 40.3% and 43.5% over the 3-month and 6-month volume weighted average prices prior to the May 2024 announcement.
The offer also includes all remaining OCEANEs (convertible bonds) at €48.14 per 2020 OCEANE and €105,000 per 2022 OCEANE. Finexsi, acting as independent expert, has confirmed the offer terms as fair, and Neoen's Board of Directors has recommended shareholders tender their securities. Bpifrance has committed to tender its 4.36% stake. The offer period runs from February 13 to March 13, 2025, with Brookfield planning to implement a squeeze-out if conditions are met.
Brookfield Renewable Holdings ha ricevuto l'approvazione dall'autorità dei mercati finanziari francese (AMF) per la sua offerta pubblica di acquisto semplificata obbligatoria per Neoen. L'offerta mira a circa il 32,31% delle azioni rimanenti di Neoen a €39,85 per azione, rappresentando un premio del 40,3% e del 43,5% rispetto ai prezzi medi ponderati per volume degli ultimi 3 e 6 mesi prima dell'annuncio di maggio 2024.
L'offerta include anche tutti gli OCEANE rimanenti (obbligazioni convertibili) a €48,14 per OCEANE 2020 e €105.000 per OCEANE 2022. Finexsi, agendo come esperto indipendente, ha confermato che i termini dell'offerta sono equi, e il Consiglio di Amministrazione di Neoen ha raccomandato agli azionisti di cedere i loro titoli. Bpifrance si è impegnata a cedere la sua partecipazione del 4,36%. Il periodo di offerta va dal 13 febbraio al 13 marzo 2025, con Brookfield che prevede di attuare un squeeze-out se le condizioni sono soddisfatte.
Brookfield Renewable Holdings ha recibido la aprobación de la autoridad de mercados financieros francesa (AMF) para su oferta pública de adquisición simplificada obligatoria por Neoen. La oferta tiene como objetivo aproximadamente el 32,31% de las acciones restantes de Neoen a €39,85 por acción, lo que representa una prima del 40,3% y del 43,5% sobre los precios promedio ponderados por volumen de los últimos 3 y 6 meses antes del anuncio de mayo de 2024.
La oferta también incluye todos los OCEANEs restantes (bonos convertibles) a €48,14 por OCEANE 2020 y €105,000 por OCEANE 2022. Finexsi, actuando como experto independiente, ha confirmado que los términos de la oferta son justos, y el Consejo de Administración de Neoen ha recomendado a los accionistas que ofrezcan sus valores. Bpifrance se ha comprometido a ofrecer su participación del 4,36%. El período de oferta va del 13 de febrero al 13 de marzo de 2025, con Brookfield planeando implementar una exclusión si se cumplen las condiciones.
브룩필드 재생 가능 에너지 홀딩스는 프랑스 금융 시장 당국(AMF)으로부터 네오엔에 대한 의무 간소화 현금 입찰 제안 승인을 받았습니다. 이 제안은 네오엔의 남은 주식 약 32.31%를 주당 €39.85에 목표로 하며, 이는 2024년 5월 발표 이전의 3개월 및 6개월 거래량 가중 평균 가격에 비해 각각 40.3% 및 43.5%의 프리미엄을 나타냅니다.
제안에는 2020년 OCEANE당 €48.14 및 2022년 OCEANE당 €105,000의 모든 남은 OCEANE(전환 사채)도 포함됩니다. 독립 전문가로 활동하는 Finexsi는 제안 조건이 공정하다고 확인했으며, 네오엔의 이사회는 주주들에게 자산을 매각할 것을 권장했습니다. Bpifrance는 4.36%의 지분을 매각하겠다고 약속했습니다. 제안 기간은 2025년 2월 13일부터 3월 13일까지이며, 브룩필드는 조건이 충족되면 강제 매각을 시행할 계획입니다.
Brookfield Renewable Holdings a reçu l'approbation de l'autorité des marchés financiers française (AMF) pour son offre publique d'achat simplifiée obligatoire pour Neoen. L'offre cible environ 32,31% des actions restantes de Neoen à 39,85 € par action, représentant une prime de 40,3% et 43,5% par rapport aux prix moyens pondérés par volume des 3 et 6 mois précédant l'annonce de mai 2024.
L'offre inclut également tous les OCEANEs restants (obligations convertibles) à 48,14 € par OCEANE 2020 et 105 000 € par OCEANE 2022. Finexsi, agissant en tant qu'expert indépendant, a confirmé que les conditions de l'offre sont équitables, et le Conseil d'Administration de Neoen a recommandé aux actionnaires de céder leurs titres. Bpifrance s'est engagé à céder sa participation de 4,36%. La période d'offre s'étend du 13 février au 13 mars 2025, Brookfield prévoyant de mettre en œuvre un squeeze-out si les conditions sont remplies.
Brookfield Renewable Holdings hat die Genehmigung der französischen Finanzmarktaufsicht (AMF) für ihr verpflichtendes vereinfachtes Barangebot für Neoen erhalten. Das Angebot zielt auf etwa 32,31% der verbleibenden Neoen-Aktien zu einem Preis von 39,85 € pro Aktie, was einem Aufschlag von 40,3% und 43,5% gegenüber den volumengewichteten Durchschnittspreisen der letzten 3 und 6 Monate vor der Bekanntgabe im Mai 2024 entspricht.
Das Angebot umfasst auch alle verbleibenden OCEANEs (wandelbare Anleihen) zu 48,14 € pro OCEANE 2020 und 105.000 € pro OCEANE 2022. Finexsi, das als unabhängiger Experte fungiert, hat die Angebotsbedingungen als fair bestätigt, und der Vorstand von Neoen hat den Aktionären empfohlen, ihre Wertpapiere anzubieten. Bpifrance hat sich verpflichtet, seine 4,36%ige Beteiligung anzubieten. Der Angebotszeitraum läuft vom 13. Februar bis zum 13. März 2025, wobei Brookfield plant, eine Zwangsveräußerung durchzuführen, wenn die Bedingungen erfüllt sind.
- Premium of 40.3% and 43.5% over 3-month and 6-month share price averages
- Independent expert confirms fair offer terms
- Board of Directors recommends accepting the offer
- Bpifrance (4.36% stake) committed to tender shares
- Potential squeeze-out implementation after offer completion
- None.
Insights
This strategic acquisition marks a significant consolidation move in the global renewable energy sector. The €39.85 per share offer price, representing a substantial
The deal structure is particularly noteworthy for three key reasons: First, the inclusion of convertible bonds (OCEANEs) in the offer ensures clean ownership transition and minimizes future financial complexity. Second, Bpifrance's commitment to tender its
From a strategic perspective, this acquisition significantly strengthens Brookfield's position in key markets, particularly in Australia and Europe, where Neoen operates flagship projects including Western Downs Green Power Hub and Finland's largest wind farm. The transaction aligns perfectly with Brookfield's aggressive expansion in renewable energy, complementing its existing 46,000 MW installed capacity and substantial development pipeline.
The timing and valuation of this deal reflect the accelerating consolidation in the renewable energy sector, where scale and operational efficiency are becoming increasingly critical for success. The premium offered acknowledges both Neoen's established operational excellence and its strategic value in key growth markets.
Paris, Feb. 12, 2025 (GLOBE NEWSWIRE) -- 
NOT TO DISTRIBUTE, PUBLISH OR DISSEMINATE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN ANY OTHER JURISDICTION IN WHICH DISTRIBUTION, PUBLICATION OR DISSEMINATION WOULD BE PROHIBITED.
Approval of Brookfield Renewable Holdings’ mandatory simplified cash tender offer for Neoen by the French financial markets authority
- The mandatory simplified cash tender offer (the "Offer") filed by Brookfield Renewable Holdings for Neoen shares and convertible bonds ("OCEANEs") has been approved by the French financial markets authority ("AMF") on 11 February 2025.
- The Offer is made for all Neoen shares that Brookfield Renewable Holdings does not currently own, representing approximately
32.31% of the share capital, and all of Neoen’s OCEANEs that Brookfield Renewable Holdings does not currently own representing respectively 2,575,758 OCEANEs issued in 2020 and 3,000 OCEANEs issued in 2022, at a respective price of 39.85 euros per share, 48.14 euros per OCEANE issued in 2020 and 105,000.00 euros (coupon attached) per OCEANE issued in 2022.1 - The Offer price of 39.85 euros per share represents a premium of
40.3% and43.5% respectively over the 3-month and 6-month volume weighted average price ("VWAP") of Neoen shares prior to the announcement of the transaction at the end of May 2024. - It is reminded that Finexsi, acting as independent expert, has issued a report concluding that the financial terms of the Offer are fair for all Neoen’s shareholders and convertible bondholders.
- Neoen’s Board of Directors, upon recommendation of the ad hoc Committee, expressed its support for the transaction and recommended that shareholders and convertible bondholders tender their securities into the Offer.
- The Offer is expected to open on 13 February 2025 and to close on 13 March 2025.
TORONTO AND PARIS, 12 FEBRUARY 2025 - The mandatory simplified cash tender offer (the "Offer") for Neoen’s remaining shares (ISIN code: FR0011675362, Ticker: NEOEN) and all of the OCEANEs issued by Neoen in 2020 (ISIN code: FR0013515707) ("2020 OCEANEs") and the OCEANEs issued by Neoen in 2022 (ISIN code: FR001400CMS2) ("2022 OCEANEs" and, together with the 2020 OCEANEs, the "OCEANEs") initiated by Brookfield Renewable Holdings has been approved by the French financial markets authority (Autorité des marchés financiers, "AMF") on 11 February 2025.
Brookfield Renewable Holdings is a special-purpose vehicle indirectly controlled by Brookfield Asset Management (NYSE:BAM, TSX: BAM) and Brookfield Corporation ("Brookfield") held together with institutional partners including Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC) and Temasek.
Brookfield proposes to acquire all remaining shares of Neoen representing approximately
As announced on 25 June 2024, Bpifrance, through its ETI 2020 fund, has undertaken to tender into the Offer all the shares it holds in Neoen, representing
The Offer was cleared by the AMF on 11 February 2025, which approved Brookfield Renewable Holdings' offer document under the reference 25-030 and Neoen’s response document under the reference 25-031. On the same date, Brookfield Renewable Holdings and Neoen filed their respective “other information” document, providing details on the legal, financial, accounting and other characteristics of the Brookfield Renewable Holdings and Neoen, with the AMF.
Prior to the opening of the Offer, the AMF will issue a notice announcing the opening and the timetable of the Offer.
The documentation relating to the Offer is available on the dedicated transaction websites of Neoen (www.neoen.com) and of Brookfield Renewable Holdings (www.neoen-offer-brookfield.com) as well as the AMF's website (www.amf-france.org).
Terms of the transaction
Brookfield Renewable Holdings’ Offer is priced at 39.85 euros per share, representing a premium of
The prices of 48.14 euros and of 105,000.00 (coupon attached)2 respectively per OCEANE 2020 and OCEANE 2022 are in line with the Offer price for the shares and the terms of each OCEANE.
It is reminded that Neoen’s Board of Directors, upon recommendation of the ad hoc Committee, confirmed that the Offer was in the interest of the company, its employees, and its shareholders and convertible bondholders and recommended to shareholders and convertible bondholders to tender their securities into the Offer.
Finexsi, acting as independent expert, has issued a report concluding that the financial terms of the Offer are fair for Neoen’s shareholders and convertible bondholders3.
If the legal conditions are met at the closing of the Offer, Brookfield Renewable Holdings will request the implementation of a squeeze-out procedure on the remaining Neoen’s shares and OCEANEs at their respective Offer price.
Next steps
The Offer is expected to open on 13 February 2025 and to close on 13 March 2025.
In the U.S., the Offer will be made in compliance with the U.S. tender offer rules, including Regulation 14E under the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), and the "Tier II" exemption in respect of securities of foreign private issuers provided by Rule 14d-1(d) under the U.S. Exchange Act.
For further information, a toll-free number has been made available to retail Neoen shareholders to answer any questions regarding the Offer during the Offer opening period: 0 800 91 88 94.
D.F. King Ltd is acting as information agent for Neoen's institutional shareholders (contact: Mr David Chase Lopes, Managing Director, EMEA, david.chaselopes@dfkingltd.co.uk).
DISCLAIMER
The foregoing relates to the tender offer filed by Brookfield Renewable Holdings SAS, pursuant to the General Regulations of the Autorité des marchés financiers (the "AMF"), on all shares and OCEANEs of Neoen (the "Offer"). The Offer is not and will not be made in any jurisdiction where it would not be permitted under applicable law. The Offer has not been subject to any application for registration or approval by any financial market regulatory authority other than the AMF and no measures will be taken in this respect. Neither the offer document, the response document nor any other document relating to the Offer constitutes an offer to sell or acquire financial instruments or a solicitation of such an offer in any jurisdiction in which such an offer or solicitation would be unlawful, could not validly be made, or would require the publication of a prospectus or the completion of any other formality under local financial law. The holders of Neoen shares and OCEANEs located outside of France can only participate in the Offer if permitted by the local laws to which they are subject, without Brookfield Renewable Holdings SAS having to carry out additional formalities. Publication of the offer document, the response document, the Offer, the acceptance of the Offer and the delivery of Neon shares or OCEANEs may, in certain jurisdictions, be subject to specific regulations or restrictions. Holders of Neoen shares and OCEANEs located outside of France may only participate in the Offer to the extent that such participation is permitted under the local law to which they are subject. Accordingly, persons in possession of the offer documents are required to obtain information regarding any applicable local restrictions and to comply with such restrictions. Failure to comply with such restrictions may constitute a violation of applicable securities laws. Brookfield Renewable Holdings SAS and Neoen shall not be liable for any breach by any person of any applicable legal or regulatory restrictions. The Offer will be made in the United States of America in accordance with Section 14(e) of the U.S. Exchange Act and the rules and regulations promulgated thereunder, including Regulation 14E after application of the exemptions provided by Rule 14d-1(d) of the U.S Exchange Act (the "Tier II" exemption) and the requirements of French law.
Contacts :
Neoen
Investors Relations Fabrice Baron (Media)
ir@neoen.com +33 6 14 08 29 81
fabrice.baron@omnicomprgroup.com
Brookfield
Simon Maine (Media)
+44 7398 909 278
simon.maine@brookfield.com
Alex Jackson (Investors)
+1 416 649 8196
alexander.jackson@brookfield.com
Aurélia de Lapeyrouse
+33 6 21 06 40 33
adelapeyrouse@brunswickgroup.com
Neoen
Founded in 2008, Neoen is one of the world’s leading independent producers of exclusively renewable energy, with expertise in power generation – solar and onshore wind power – and storage. Neoen plays an active role in accelerating the energy transition of the countries where it operates by delivering clean, competitively-priced local energy. Neoen is a high-growth company: its capacity in operation or under construction has quadrupled over the last six years, and now stands at 8.9 GW, with the ambition to reach 10 GW in 2025.
Neoen operates near close to 200 assets across three continents. Its flagships include Western Downs Green Power Hub in Australia, comprised of the largest solar farm in the country (460 MWp) and Western Downs Battery (212 MW / 424 MWh); Collie Battery (219 MW / 877 MWh) one of the world’s most powerful large-scale storage systems; France’s most powerful solar farm (300 MWp) in Cestas; and Finland’s largest wind farm (404 MW) in Mutkalampi.
Neoen is listed in Compartment A of Euronext’s market in Paris (ISIN code: FR0011675362, Ticker: NEOEN). Since December 27, 2024, Neoen is majority-owned by Brookfield Renewable Holdings SAS, which filed in January 2025 a simplified cash tender offer for the remaining Neoen shares and OCEANEs.
For more information: www.neoen.com
Brookfield Asset Management
Brookfield Asset Management Ltd. (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager headquartered in New York with over
Brookfield operates Brookfield Renewable Partners (NYSE: BEP, BEPC; TSX: BEP.UN, BEPC), one of the world’s largest publicly traded platforms for renewable power and sustainable solutions, with almost 46,000 megawatts of installed capacity and a development pipeline of approximately 200,000 megawatts. Our portfolio of sustainable solutions assets includes our investments in Westinghouse, a leading global nuclear services business, and a utility and independent power producer with operations in the Caribbean and Latin America, as well as both operating assets and a development pipeline of carbon capture and storage capacity, agricultural renewable natural gas and materials recycling.
1 See the press release published by Brookfield Renewable Holdings and Neoen on 24 January 2025.
2 The amount of the Offer price per 2022 OCEANE is EUR 103,562.50 ex-coupon, the amount of the coupon, to be detached on 12 March 2025, being EUR 1,437.50.
3 See Finexsi's updated version of its report dated 27 January 2025 and Finexi's supplementary note reproduced in Neoen's response document.
FAQ
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What premium does Brookfield's (BAM) offer represent over Neoen's trading price?
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