Brookfield Renewable Holdings to hold at least 85.39% of Neoen’s share capital following conversion of OCEANEs tendered into the ongoing tender offer
Brookfield Renewable Holdings is set to acquire a significant stake in Neoen, reaching at least 85.39% of the company's share capital following the conversion of acquired convertible bonds (OCEANEs). The mandatory simplified cash tender offer, which opened on February 13, 2025, will close on March 13, 2025.
As of the latest update, Brookfield holds:
- 84.46% of Neoen's shares (129,223,594 shares)
- 75.47% of 2020 OCEANEs
- 84.10% of 2022 OCEANEs
The offer price is set at €39.85 per share, representing premiums of 40.3% and 43.5% over 3-month and 6-month volume-weighted average prices respectively. The 2020 OCEANEs are priced at €48.14 and 2022 OCEANEs at €105,000.00 (coupon attached). Neoen's Board of Directors has recommended shareholders and bondholders to tender their securities, with independent expert Finexsi confirming the offer's fair terms.
Brookfield Renewable Holdings è pronta ad acquisire una partecipazione significativa in Neoen, raggiungendo almeno l'85,39% del capitale sociale dell'azienda dopo la conversione delle obbligazioni convertibili acquisite (OCEANEs). L'offerta pubblica di acquisto semplificata obbligatoria, aperta il 13 febbraio 2025, si chiuderà il 13 marzo 2025.
Secondo l'ultimo aggiornamento, Brookfield detiene:
- l'84,46% delle azioni di Neoen (129.223.594 azioni)
- il 75,47% delle OCEANEs 2020
- l'84,10% delle OCEANEs 2022
Il prezzo dell'offerta è fissato a €39,85 per azione, rappresentando premi del 40,3% e del 43,5% rispetto ai prezzi medi ponderati per volume degli ultimi 3 e 6 mesi rispettivamente. Le OCEANEs 2020 sono valutate a €48,14 e le OCEANEs 2022 a €105.000,00 (con coupon allegato). Il Consiglio di Amministrazione di Neoen ha raccomandato agli azionisti e ai detentori di obbligazioni di offrire i loro titoli, con l'esperto indipendente Finexsi che conferma le condizioni eque dell'offerta.
Brookfield Renewable Holdings está a punto de adquirir una participación significativa en Neoen, alcanzando al menos el 85,39% del capital social de la empresa tras la conversión de los bonos convertibles adquiridos (OCEANEs). La oferta pública de adquisición simplificada obligatoria, que se abrió el 13 de febrero de 2025, cerrará el 13 de marzo de 2025.
Según la última actualización, Brookfield posee:
- el 84,46% de las acciones de Neoen (129.223.594 acciones)
- el 75,47% de las OCEANEs 2020
- el 84,10% de las OCEANEs 2022
El precio de la oferta se establece en €39,85 por acción, lo que representa primas del 40,3% y del 43,5% sobre los precios promedio ponderados por volumen de 3 y 6 meses respectivamente. Las OCEANEs 2020 están valoradas en €48,14 y las OCEANEs 2022 en €105.000,00 (con cupón adjunto). La Junta Directiva de Neoen ha recomendado a los accionistas y tenedores de bonos que ofrezcan sus valores, con el experto independiente Finexsi confirmando los términos justos de la oferta.
브룩필드 재생 가능 홀딩스가 네오엔의 상당 지분을 인수할 예정이며, 인수한 전환사채(OCEANEs)의 전환 이후 회사의 자본금의 최소 85.39%에 도달할 것입니다. 의무 간소화 현금 공개 매수 제안은 2025년 2월 13일에 시작되어 2025년 3월 13일에 종료됩니다.
최신 업데이트에 따르면, 브룩필드는:
- 네오엔의 주식 84.46% 보유 (129,223,594 주)
- 2020년 OCEANEs의 75.47%
- 2022년 OCEANEs의 84.10%
제안 가격은 주당 €39.85로 설정되어 있으며, 이는 각각 3개월 및 6개월 평균 거래량 가중 가격에 대해 40.3% 및 43.5%의 프리미엄을 나타냅니다. 2020년 OCEANEs는 €48.14, 2022년 OCEANEs는 €105,000.00(쿠폰 포함)으로 가격이 책정됩니다. 네오엔의 이사회는 주주와 채권자에게 그들의 증권을 제출할 것을 권장했으며, 독립 전문가 핀엑시가 제안의 공정한 조건을 확인했습니다.
Brookfield Renewable Holdings s'apprête à acquérir une participation significative dans Neoen, atteignant au moins 85,39% du capital social de l'entreprise suite à la conversion des obligations convertibles acquises (OCEANEs). L'offre publique d'achat simplifiée obligatoire, qui a ouvert le 13 février 2025, se clôturera le 13 mars 2025.
Selon la dernière mise à jour, Brookfield détient:
- 84,46% des actions de Neoen (129.223.594 actions)
- 75,47% des OCEANEs 2020
- 84,10% des OCEANEs 2022
Le prix de l'offre est fixé à 39,85 € par action, représentant des primes de 40,3% et 43,5% par rapport aux prix moyens pondérés par volume sur 3 mois et 6 mois respectivement. Les OCEANEs 2020 sont évaluées à 48,14 € et les OCEANEs 2022 à 105.000,00 € (coupon attaché). Le Conseil d'administration de Neoen a recommandé aux actionnaires et aux porteurs d'obligations de soumettre leurs titres, avec l'expert indépendant Finexsi confirmant les conditions équitables de l'offre.
Brookfield Renewable Holdings wird eine signifikante Beteiligung an Neoen erwerben und mindestens 85,39% des Unternehmenskapitals nach der Umwandlung der erworbenen wandelbaren Anleihen (OCEANEs) erreichen. Das verpflichtende vereinfachte Barangebot, das am 13. Februar 2025 eröffnet wurde, wird am 13. März 2025 geschlossen.
Nach dem neuesten Update hält Brookfield:
- 84,46% der Neoen-Aktien (129.223.594 Aktien)
- 75,47% der OCEANEs 2020
- 84,10% der OCEANEs 2022
Der Angebotspreis liegt bei 39,85 € pro Aktie, was Prämien von 40,3% und 43,5% gegenüber den volumengewichteten Durchschnittspreisen der letzten 3 und 6 Monate darstellt. Die OCEANEs 2020 sind mit 48,14 € und die OCEANEs 2022 mit 105.000,00 € (mit angehängtem Coupon) bewertet. Der Vorstand von Neoen hat den Aktionären und Anleiheinhabern empfohlen, ihre Wertpapiere anzubieten, wobei der unabhängige Experte Finexsi die fairen Bedingungen des Angebots bestätigt hat.
- Significant premium of 40.3% and 43.5% over 3-month and 6-month VWAP
- Board of Directors recommends accepting the offer
- Independent expert confirms fair financial terms
- High acceptance rate with 84.46% shares already secured
- Free float reduced below 15% of outstanding shares
- Minority shareholders face potential forced squeeze-out
- time remaining for shareholders to tender shares
Insights
Brookfield Renewable Holdings is significantly consolidating its control over Neoen, demonstrating strategic execution in expanding its renewable energy portfolio. After converting all acquired convertible bonds (OCEANEs), Brookfield will hold at least 85.39% of Neoen's share capital, reducing the free float below 15% - a critical threshold that strengthens Brookfield's position for the planned squeeze-out procedure.
The transaction economics appear favorable for BAM. The tender offer price of
This acquisition aligns with Brookfield's vertical integration strategy in renewable energy, following its consistent pattern of acquiring operational renewable assets to enhance its global portfolio. By consolidating control of Neoen, Brookfield gains valuable renewable development capabilities and operational assets in key European markets.
The high acceptance rate of the tender offer to date - with Brookfield already controlling 84.46% of shares, 75.47% of 2020 OCEANEs, and 84.10% of 2022 OCEANEs - indicates strong shareholder confidence in the offer terms. The transaction is proceeding efficiently, with results expected by March 18 and no reopening of the offer period required under the mandatory simplified cash tender offer structure.
Paris, March 06, 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
Brookfield Renewable Holdings to hold at least
- The mandatory simplified cash tender offer filed by Brookfield Renewable Holdings for Neoen shares and convertible bonds approved by the French financial markets authority on 11 February 2025 will close on 13 March 20251.
- Brookfield Renewable Holdings has decided to convert all convertible bonds acquired until now during the tender offer in line with its intentions stated in the offer document. After this conversion, Brookfield Renewable Holdings will hold directly and in concert at least
85.39% of Neoen’s share capital2.
TORONTO AND PARIS, 6 MARCH 2025 – Following the approval by the French financial markets authority ("AMF") on 11 February 2025 of the mandatory simplified cash tender offer (the "Offer") filed by Brookfield Renewable Holdings for Neoen shares (ISIN code: FR0011675362, Ticker: NEOEN), the convertible bonds issued by Neoen in 2020 (ISIN code: FR0013515707) (the "2020 OCEANEs") and in 2022 (ISIN code: FR001400CMS2) (the "2022 OCEANEs" and, together with the 2020 OCEANEs, the "OCEANEs"), the Offer opened on 13 February 2025 and will close on 13 March 20251.
As of the date hereof, Brookfield Renewable Holdings holds directly and in concert:
- 129,223,594 shares representing
84.46% of Neoen’s share capital3; - 2,776,857 2020 OCEANEs, representing
75.47% of the existing 2020 OCEANEs; and - 2,523 2022 OCEANEs, representing
84.10% of the existing 2022 OCEANEs4.
These numbers do not take into account the shares and OCEANEs which will be acquired by Brookfield Renewable Holdings on the market until the closing of the offer as well as into the semi-centralisation procedure of Euronext Paris which will only be known after the closing of the Offer.
In line with its intention expressed in the offer document, Brookfield Renewable Holdings has decided today to proceed with the conversion of all OCEANEs acquired to date5.
Following such conversion Brookfield Renewable Holdings will hold directly and in concert at least 138,876,760 shares representing
The Offer being a mandatory simplified cash tender offer, it will not be reopened after 13 March 2025. The results of the Offer should be published on 18 March 2025.
As previously stated, if the 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 shares and OCEANEs at their respective Offer price.
The documentation relating to the Offer (including Brookfield Renewable Holdings' offer document approved by the AMF under the reference 25-030 and Neoen’s response document approved by the AMF under the reference 25-031) 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 euros (coupon attached)7 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 bondholders8.
In the U.S., the Offer is 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 Neoen 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.
1 See AMF notices 225C0297 and 225C0298.
2 These numbers (i) include all shares and OCEANEs acquired on the market until 5 March 2025 included (including shares and OCEANEs acquired on 4 and 5 March 2025 but not yet delivered), (ii) do not take into account the shares and OCEANEs which are tendered into the semi-centralisation procedure of Euronext Paris, which will only be known after the closing of the Offer, (iii) are based on Neoen's share capital at 28 February 2025, comprising 152,992,047 shares representing the same number of theoretical voting rights, in accordance with the provisions of Article 223-11 of the AMF General Regulations (pre-OCEANEs conversion) and (iv) are subject to the fact that no bondholder (other than Brookfield Renewable Holdings) exercises its conversion right.
3 Based on Neoen's share capital at 28 February 2025, comprising 152,992,047 shares representing the same number of theoretical voting rights.
4 It is reminded that, according to the respective terms and conditions of the 2020 OCEANEs and 2022 OCEANEs, Neoen may exercise its early redemption option (i) on the 2020 OCEANEs if the remaining outstanding 2020 OCEANEs represent less than
5 It is recalled that Brookfield Renewable Holdings has stated in the offer document that it intends (i) following the acquisition of OCEANEs, to exercise any right available to it in accordance with the terms and conditions of the OCEANEs (including the right to convert into shares the OCEANEs in its possession during or after the Offer period) and (ii) to cause Neoen to exercise any right available to it in accordance with the terms and conditions of the OCEANEs.
6 Assuming the remittance of newly issued shares and therefore based on a new total number of NEOEN shares outstanding of 162,645,213. See also footnote 2.
7 The amount of the Offer price per 2022 OCEANE is 103,562.50 euros ex-coupon, the amount of the coupon, to be detached on 12 March 2025, being 1,437.50 euros.
8 See Finexsi's updated version of its report dated 27 January 2025 and Finexsi's supplementary note reproduced in Neoen's response document.
FAQ
What is the tender offer price for Neoen shares by Brookfield Renewable Holdings (BAM)?
When will Brookfield's tender offer for Neoen close?
What percentage of Neoen will Brookfield own after OCEANE conversion?
Will there be a squeeze-out procedure for remaining Neoen shares?
What are the pricing terms for Neoen's convertible bonds (OCEANEs)?
