Brookfield Renewable Holdings to hold at least 85.39% of Neoen’s share capital following conversion of OCEANEs tendered into the ongoing tender offer

Core Viewpoint - Brookfield Renewable Holdings is set to acquire at least 85.39% of Neoen's share capital following the conversion of OCEANEs tendered in the ongoing cash tender offer, which is mandatory and will close on March 13, 2025 [1][4][8]. Company Summary - Brookfield Renewable Holdings filed a mandatory simplified cash tender offer for Neoen shares and convertible bonds, which was approved by the French financial markets authority on February 11, 2025 [2][8]. - The offer opened on February 13, 2025, and will close on March 13, 2025, with results expected to be published on March 18, 2025 [5][8]. - The offer price is set at 39.85 euros per share, representing a premium of 40.3% and 43.5% over the 3-month and 6-month volume-weighted average prices (VWAP) of Neoen shares as of May 29, 2024 [7][10]. - Brookfield Renewable Holdings intends to convert all OCEANEs acquired to date, which will result in holding at least 138,876,760 shares of Neoen, reducing the free float to below 15% [4][8]. Industry Context - The transaction is being conducted in compliance with U.S. tender offer rules and the "Tier II" exemption for foreign private issuers [11]. - An independent expert, Finexsi, has concluded that the financial terms of the offer are fair for Neoen's shareholders and convertible bondholders [11].