$456m offer for French wind energy developer

An Australian bank has placed a $456m friendly takeover bid for French wind power developer, Theolia.

Macquarie European Infrastructure Fund 4 (MEIF4), an infrastructure fund managed by Australian bank Macquarie, has offered a price of €1.70 per share, representing a premium of 51.8 per cent over the last share price prior to the announcement of the offer.

Wind power

Theolia's management and board have recommended the offer citing reasonable financial standpoint by the Board-appointed independent expert.

The offer caps efforts to turn Theolia’s fortunes around after a lack of project financing during the global financial crisis.

Theolia's wind energy portfolio comprises power capacity of 1,269MW across France, Germany, Italy and Morocco.

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