Activist shareholder ENKRAFT raises stake in renewables firm PNE

div classBodysc17zpet90 cdBBJodivpFRANKFURT Reuters – Energy activist shareholder ENKRAFT has increased its stake in German wind power project developer PNE, according to a regulatory filing published two days before an expected power tussle at the groups annual general meeting AGM.p

pAs of May 12, ENKRAFT owns 5.03 of the company, up from 3.13 previously, a stake currently worth around 50 million euros 52 million.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pPNE will hold its AGM on Wednesday, at which Morgan Stanley, which owns around 40 of PNE since 2020 following a failed takeover attempt, is seeking a majority of seats on the groups supervisory board.p

pTo prevent that from happening, ENKRAFT, which at the time had slammed Morgan Stanley‘s 4europershare bid as too low, has proposed two of its own candidates for election to PNE’s board, including ENKRAFT managing director Benedikt Kormaier.p

PNE shares are currently trading at 12.66 euros per share.p

1 0.9586 euros

Reporting by Christoph Steitz, Editing by Miranda Murrayp

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