Availability of the Offer Document and of the Information Relating in Particular to the Legal, Financial and Accounting Characteristics of Brookfield Renewable Holdings Sas
Brookfield Renewable Holdings has announced a simplified tender offer for Neoen shares and convertible bonds. The offer includes:
- EUR 39.85 per Neoen share
- EUR 48.14 per 2020 OCEANE convertible bond
- EUR 105,000.00 per 2022 OCEANE convertible bond (coupon attached)
The offer will run for 21 trading days, with the exact timetable to be set by the French AMF. If following the offer closure, minority shareholders represent less than 10% of capital and voting rights, Brookfield intends to implement a squeeze-out procedure within three months at the same price terms.
The offer document received AMF visa no. 25-030 on February 11, 2025, and is available on Brookfield's and AMF's websites.
Brookfield Renewable Holdings ha annunciato un'offerta pubblica di acquisto semplificata per le azioni e le obbligazioni convertibili di Neoen. L'offerta include:
- EUR 39,85 per azione Neoen
- EUR 48,14 per obbligazione convertibile OCEANE 2020
- EUR 105.000,00 per obbligazione convertibile OCEANE 2022 (con cedola allegata)
L'offerta sarà valida per 21 giorni di negoziazione, con il calendario esatto che sarà stabilito dall'AMF francese. Se, al termine dell'offerta, gli azionisti di minoranza rappresentano meno del 10% del capitale e dei diritti di voto, Brookfield intende attuare una procedura di squeeze-out entro tre mesi alle stesse condizioni di prezzo.
Il documento dell'offerta ha ricevuto il visto dell'AMF n. 25-030 l'11 febbraio 2025 ed è disponibile sui siti web di Brookfield e dell'AMF.
Brookfield Renewable Holdings ha anunciado una oferta pública de adquisición simplificada para las acciones y bonos convertibles de Neoen. La oferta incluye:
- EUR 39,85 por acción de Neoen
- EUR 48,14 por bono convertible OCEANE 2020
- EUR 105.000,00 por bono convertible OCEANE 2022 (con cupón adjunto)
La oferta estará vigente durante 21 días hábiles, con el calendario exacto que será establecido por la AMF francesa. Si, tras el cierre de la oferta, los accionistas minoritarios representan menos del 10% del capital y los derechos de voto, Brookfield tiene la intención de implementar un procedimiento de squeeze-out dentro de tres meses en las mismas condiciones de precio.
El documento de la oferta recibió el visado de la AMF n. 25-030 el 11 de febrero de 2025 y está disponible en los sitios web de Brookfield y de la AMF.
브룩필드 재생 가능 홀딩스가 네오엔 주식 및 전환사채에 대한 간소화된 공개 매수 제안을 발표했습니다. 제안 내용은 다음과 같습니다:
- 네오엔 주식당 39.85 유로
- 2020년 OCEANE 전환사채당 48.14 유로
- 2022년 OCEANE 전환사채당 105,000.00 유로 (쿠폰 포함)
이 제안은 21 거래일 동안 유효하며, 정확한 일정은 프랑스 AMF에 의해 설정될 것입니다. 제안 종료 후, 소액주주가 자본 및 의결권의 10% 미만을 차지할 경우, 브룩필드는 동일한 가격 조건으로 3개월 이내에 스퀴즈 아웃 절차를 시행할 의도를 가지고 있습니다.
제안 문서는 2025년 2월 11일 AMF 비자 번호 25-030을 받았으며, 브룩필드 및 AMF의 웹사이트에서 확인할 수 있습니다.
Brookfield Renewable Holdings a annoncé une offre publique d'achat simplifiée pour les actions et les obligations convertibles de Neoen. L'offre comprend :
- 39,85 EUR par action Neoen
- 48,14 EUR par obligation convertible OCEANE 2020
- 105 000,00 EUR par obligation convertible OCEANE 2022 (avec coupon joint)
L'offre sera valable pendant 21 jours de négociation, le calendrier exact étant à établir par l'AMF française. Si, à l'issue de l'offre, les actionnaires minoritaires représentent moins de 10 % du capital et des droits de vote, Brookfield a l'intention de mettre en œuvre une procédure de squeeze-out dans un délai de trois mois aux mêmes conditions tarifaires.
Le document d'offre a reçu le visa AMF n° 25-030 le 11 février 2025 et est disponible sur les sites Web de Brookfield et de l'AMF.
Brookfield Renewable Holdings hat ein vereinfachtes Übernahmeangebot für Neoen-Aktien und wandelbare Anleihen angekündigt. Das Angebot umfasst:
- 39,85 EUR pro Neoen-Aktie
- 48,14 EUR pro 2020 OCEANE wandelbarer Anleihe
- 105.000,00 EUR pro 2022 OCEANE wandelbarer Anleihe (mit angehängtem Coupon)
Das Angebot gilt für 21 Handelstage, wobei der genaue Zeitplan von der französischen AMF festgelegt wird. Sollte nach Abschluss des Angebots der Anteil der Minderheitsaktionäre weniger als 10% des Kapitals und der Stimmrechte betragen, beabsichtigt Brookfield, innerhalb von drei Monaten ein Squeeze-Out-Verfahren zu denselben Preisbedingungen durchzuführen.
Das Angebotsdokument erhielt am 11. Februar 2025 die AMF-Visum-Nr. 25-030 und ist auf den Websites von Brookfield und der AMF verfügbar.
- Clear price terms offered for all securities (EUR 39.85 per share, EUR 48.14 per 2020 OCEANE, EUR 105,000.00 per 2022 OCEANE)
- AMF regulatory approval obtained (visa no. 25-030)
- Potential squeeze-out provision provides clarity on exit strategy
- Mandatory squeeze-out may force remaining shareholders to sell at offer price
- offer duration of 21 trading days may restrict shareholder decision time
Insights
This tender offer represents a strategic move by Brookfield Asset Management to strengthen its renewable energy portfolio through its subsidiary Brookfield Renewable Holdings SAS. The structured approach to acquiring Neoen, a significant player in the French renewable energy market, demonstrates Brookfield's commitment to expanding its European presence.
The offer's structure is particularly noteworthy for several reasons:
- The multi-security approach, targeting both shares and two series of convertible bonds (OCEANEs), indicates a comprehensive strategy to gain full control while addressing different classes of securities fairly
- The inclusion of squeeze-out provisions at the 10% threshold signals Brookfield's intention to obtain complete ownership, which could streamline future operational decisions and corporate governance
- The regulatory framework, involving AMF approval and specific provisions for international shareholders, reflects the complex nature of cross-border M&A in regulated industries
From a strategic perspective, this acquisition aligns with Brookfield's pattern of targeting established renewable energy platforms with strong development pipelines. Neoen's French market position and international portfolio would complement Brookfield's existing renewable energy assets and provide additional growth opportunities in key European markets.
The transaction's structure, particularly the squeeze-out mechanism, provides clarity on the endgame for minority shareholders while potentially simplifying the post-acquisition integration process. The different pricing for various securities reflects their distinct characteristics and ensures equitable treatment across security classes.
For BAM shareholders, this transaction represents a continuation of the company's strategy to deploy capital in the renewable energy sector, which has been a key growth driver. The structured approach to the tender offer, including comprehensive regulatory compliance and clear pricing mechanisms, demonstrates sophisticated deal execution capabilities that could benefit future M&A activities.
Relating to the Simplified Tender Offer for the Neoen Shares and Bonds Convertible Into And/Or Exchangeable for New and/or Existing Neoen Shares
Paris, Feb. 12, 2025 (GLOBE NEWSWIRE) -- THIS DOCUMENT IS AN UNOFFICIAL ENGLISH-LANGUAGE TRANSLATION OF THE FRENCH LANGUAGE PRESS RELEASE WHICH WAS PUBLISHED BY THE OFFEROR ON 11 FEBRUARY 2025. IN THE EVENT OF ANY DIFFERENCES BETWEEN THIS UNOFFICIAL ENGLISH LANGUAGE TRANSLATION AND THE OFFICIAL FRENCH LANGUAGE PRESS RELEASE, THE OFFICIAL FRENCH LANGUAGE PRESS RELEASE SHALL PREVAIL.
PRESS RELEASE DATED 12 FEBRUARY 2025
RELATING TO THE AVAILABILITY OF THE OFFER DOCUMENT AND OF THE INFORMATION RELATING IN PARTICULAR TO THE LEGAL, FINANCIAL AND ACCOUNTING CHARACTERISTICS OF BROOKFIELD RENEWABLE HOLDINGS SAS
RELATING TO THE SIMPLIFIED TENDER OFFER
FOR THE NEOEN SHARES AND BONDS CONVERTIBLE INTO AND/OR EXCHANGEABLE FOR NEW AND/OR EXISTING NEOEN SHARES
INITIATED BY
BROOKFIELD RENEWABLE HOLDINGS SAS
presented by
| Bank presenting the offer | Bank presenting the offer and acting as guarantor |
TERMS OF THE OFFER:
EUR 39.85 per share of Neoen ("Shares")
EUR 48.14 per 2020 OCEANE of Neoen ("2020 OCEANE")
EUR 105,000.001 per 2022 OCEANE of Neoen ("2022 OCEANE" and, together with the 2020 OCEANEs, the "OCEANEs")
DURATION OF THE OFFER:
21 Trading Days
The timetable for the simplified tender offer referred to herein (the "Offer") will be set by the French stock market authority (Autorité des marchés financiers) (the "AMF") in accordance with the provisions of its general regulation (the "AMF General Regulation")
This press release (the "Press Release") was prepared by Brookfield Renewable Holdings and published pursuant to Article 231-16 of the AMF General Regulation.
Pursuant to Article L. 621-8 of the French Monetary and Financial Code and Article 231-23 of the AMF General Regulation, the AMF has, in accordance with the clearance decision of the Offer dated 11 February 2025, affixed visa no. 25-030 dated 11 February 2025 on the tender offer document prepared by Brookfield Renewable Holdings (the "Offer Document").
IMPORTANT NOTICE
The Press Release must be read together with all other documents published in connection with the Offer.
The Offer is not and will not be proposed in any jurisdiction where it would not be permitted under applicable law. Acceptance of the Offer by persons residing in countries other than France and the United States of America may be subject to specific obligations or restrictions imposed by legal or regulatory provisions. Recipients of the Offer are solely responsible for compliance with such laws and it is therefore their responsibility, before accepting the Offer, to determine whether such laws exist and are applicable, based on the advice they obtain from their own advisers.
For more information, see Section 2.14 of the Offer Document (Offer restrictions outside of France).
In the event that following the closing of the Offer:
- the number of Shares not tendered to the Offer by the minority shareholders of Neoen (excluding treasury Shares held by the Company and Shares covered (or that will be covered) by the Liquidity Agreements, but including the Unavailable PEE Shares (as such terms are defined in the Offer Document) does not represent more than
- the number of Shares not tendered to the Offer by the minority shareholders of Neoen (excluding treasury Shares held by the Company and Shares covered (or that will be covered) by the Liquidity Agreements, but including the Unavailable PEE Shares) and the number of Shares that may be issued following the conversion of the OCEANEs not tendered in the Offer do not represent more than
Brookfield Renewable Holdings also intends to implement, at the latest within three (3) months following the closing of the Offer, in accordance with Articles L. 433-4 II and III of the French Monetary and Financial Code and 237-1 et seq. of the AMF General Regulation, a squeeze-out procedure in order to transfer (i) on the one hand, the Shares not tendered to the Offer (excluding treasury Shares held by the Company and the Shares covered (or that will be covered) by the Liquidity Agreements, but including the Unavailable PEE Shares) in exchange for compensation equal to the Offer price per Share (i.e. EUR 39.85 per Share) net of all costs and after adjustments, if applicable, and (ii) on the other hand, the OCEANEs not tendered to the Offer in exchange for compensation equal to the Offer price per OCEANE (i.e. EUR 48.14 per 2020 OCEANE and EUR 105,000.002 per 2022 OCEANE), net of all costs and after adjustments, if applicable.
The information relating in particular to the legal, financial and accounting characteristics of Brookfield Renewable Holdings, which supplements the Offer Document prepared by Brookfield Renewable Holdings, has been filed with the AMF on 11 February 2025.
The Offer Document and the document presenting the information relating in particular to the legal, financial and accounting characteristics of Brookfield Renewable Holdings are available on the website of Brookfield Renewable Holdings (neoen-offer-brookfield.com) and of the AMF (www.amf-france.org) and may be obtained free of charge from:
| Brookfield Renewable Holdings SAS 39 rue de Courcelles 75008 Paris | BNP Paribas (M&A EMEA Department) 5 boulevard Haussmann 75009 Paris | Société Générale GLBA/IBD/ECM/SEG 75886 Paris Cedex 18 |
IMPORTANT DISCLAIMER
This Press Release has been prepared for information purposes only. It does not constitute an offer to purchase.
Publication of this Press Release, the Offer Document, the Offer, the acceptance of the Offer and the delivery of the Shares or OCEANEs may, in certain jurisdictions, be subject to specific regulations or restrictions. Accordingly, the Offer is not directed at persons subject to such restrictions, either directly or indirectly, and must not be accepted from any jurisdiction where the Offer is subject to restrictions.
Neither this Press Release 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. Holders of 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 this Press Release 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 disclaims any liability for any breach of these restrictions by any person.
1 This price is coupon attached. The amount of the Offer price per 2022 OCEANE is EUR 103,562.50 ex-coupon, the amount of the coupon being EUR 1,437.50 (see Section 2.8 of the Offer Documents for more information regarding the terms and conditions relating to payment of the Offer price per 2022 OCEANE, of which the coupon detachment is scheduled for 12 March 2025).
2 This price is coupon attached. The amount of the Offer price per 2022 OCEANE is EUR 103,562.50 ex-coupon, the amount of the coupon being EUR 1,437.50 (see Section 2.8 of the Offer Documents for more information regarding the terms and conditions relating to payment of the Offer price per 2022 OCEANE, of which the coupon detachment is scheduled for 12 March 2025).
FAQ
What is the offer price for Neoen shares in Brookfield's tender offer?
What are the prices offered for Neoen's convertible bonds (OCEANEs)?
When will Brookfield's tender offer for Neoen begin?
What happens if Brookfield acquires more than 90% of Neoen shares?
Where can investors find the official offer documents?
