EDF Energies Nouvelles entered into a preliminary agreement opening a period of exclusive talks with FUTUREN’s controlling shareholders, which together own 61.6% of its ordinary shares and 96.0% of its convertible bonds (OCEANEs).
During this phase, EDF Energies Nouvelles’ works council will be consulted about the envisaged transaction before the decision of the Board of Directors.
Under the terms of the transaction, EDF Energies Nouvelles would acquire all of the holdings of the controlling shareholders for €1.15 (US$1.26) per share (representing a premium of 38.6% to the closing share price on April 24th2017) and €9.37 (US$10.33) per OCEANE convertible bond ex coupon (representing a premium of 39.7% to the closing share price on April 24th 2017).
FUTUREN has long been active in the European onshore wind energy market. It focuses on developing and operating facilities for its own account and for third parties. Its portfolio of projects under development in France and Morocco, together with its positions in Germany and Italy, makes it a major player in the renewable energy sector.
Antoine Cahuzac, EDF Group’s Senior Executive Vice President in Renewable Energies and Chief Executive Officer of EDF Energies Nouvelles, commented:
“EDF Energies Nouvelles has a great opportunity to acquire a significant player in the European onshore wind energy market which is positioned in countries with considerable strategic appeal. The project would bring us one step closer towards achieving the EDF Group’s ambitious goals under its CAP 2030 strategy in France and abroad.”
Should the transaction go ahead, EDF Energies Nouvelles would launch a simplified public tender offer (OPAS) over all remaining FUTUREN’s shares and convertible bonds in accordance with the financial market regulations.
This transaction would be subject to clearance from the antitrust authorities.