Germany's PNE wins new wind projects, shares hit 17-year high

FRANKFURT: Shares in German wind project developer PNE AG reached a fresh 17-year high on Wednesday after the company was awarded 13.9 megawatts (MW) of new projects by the country's network regulator.

PNE shares rose by as much as 2.2 per cent to 5.2 euros apiece on the news, their highest level since April 4, 2003, giving the company a market valuation of 398 million euros ($429 million).

In the latest auction by Germany's network watchdog, PNE -- which was the subject of a 4.00-euros-per-share takeover bid from Morgan Stanley last year -- captured about 2.7 per cent of the total project volume that was approved.


"The successful business development at PNE confirms our longstanding view on the value potential of the company, one which is significantly above last year's offer of 4 euros per share from Morgan Stanley," said Benedikt Kormaier of top-10 shareholder ENKRAFT Capital.