Neoen has announced that Impala and other shareholders have entered into exclusive negotiations with Brookfield, with a view to the latter acquiring a 53.32% stake in its capital, at a price of 39.85 euros per share.

The proposed price represents a premium of 26.9% to Neoen's last closing share price, and implies a valuation of 6.1 billion euros for 100% of the renewable energies group's shares.

Subject to completion of this acquisition, Brookfield would file a mandatory cash tender offer for all remaining shares and outstanding OCEANEs, with the intention of implementing a squeeze-out procedure.

Neoen states that its Board of Directors has unanimously welcomed Brookfield's proposal. Regulatory approvals should be obtained by the fourth quarter of 2024, and the takeover bid should be launched in the first quarter of 2025.

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