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PNE AG Stock Up As Photon Management Plans To Submit Takeover Offer

Shares of PNE AG were gaining around 5 percent in the morning trading in Germany after the developer of wind farms is targeted by Photon Management GmbH for a takeover.

Photon Management, an indirect unit of funds advised by Morgan Stanley Infrastructure Inc., Thursday said it has decided to submit a voluntary public takeover offer to PNE for 4 euros per share in cash.

The conditions include reaching a minimum acceptance threshold of 50% of the share capital of the company plus one share. In addition, the public takeover
offer will be made subject to customary closing conditions, including required antitrust clearances.

Photon Management said it entered into an investment agreement with the PNE. On this basis, PNE's management board and supervisory support the planned offer.

The company also noted that it has entered into a sale and purchase agreement to acquire approximately 11% of PNE's total share capital from PNE's largest investor group.

In Germany, PNE AG shares were trading at 4.06 euros, up 5.18 percent.

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