🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

German renewables firm PNE says Morgan Stanley no longer pursuing stake sale

Published 01/27/2023, 02:25 PM
Updated 01/27/2023, 02:30 PM
© Reuters. FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California, Sept. 24, 2013. REUTERS/Mike Blake/File Photo
MS
-

BERLIN (Reuters) - Morgan Stanley (NYSE:MS)'s infrastructure investment arm informed the board of German renewables firm PNE AG that it is no longer pursuing talks with potential buyers of Photon's PNE stake, PNE said in an adhoc statement on Friday.

Morgan Stanley Infrastructure Partners (MSIP) which acquired the PNE stake following a failed takeover attempt in 2020, was weighing a sale last October, Reuters reported at the time.

© Reuters. FILE PHOTO: The corporate logo of financial firm Morgan Stanley is pictured on a building in San Diego, California, Sept. 24, 2013. REUTERS/Mike Blake/File Photo

Photon, which is controlled by Morgan Stanley, is PNE's largest shareholder. Morgan Stanley earlier this week disclosed that the stake was 44%, slightly larger than previously thought.

"Morgan Stanley Infrastructure and Photon Management GmbH have informed the Board of Management of PNE AG today that they are at this time no longer pursuing talks with potentially interested parties regarding an acquisition of the entire shareholding in PNE AG held by Photon Management GmbH," PNE's statement on Friday said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.