November 4, 2019 / 8:43 AM / a month ago

PNE investor ENKRAFT slams Morgan Stanley offer as too low - letter

FRANKFURT, Nov 4 (Reuters) - ENKRAFT Capital, a top ten shareholder of PNE AG, has intensified criticism of a standing takeover bid for the German renewable firm by a Morgan Stanley-controlled fund, according to a letter seen by Reuters.

ENKRAFT, which owns more than 2.9% of PNE, has been opposed to the deal from the start, arguing it significantly undervalues the group and expressing doubt over whether a structured and fair M&A process took place.

Reporting by Christoph Steitz; editing by Thomas Seythal

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