Morgan Stanley shelves plan for PNE sale

Morgan Stanley (NYSE:MS) has scrapped the plan to offload its entire interest in German wind power-focused renewables company PNE AG (ETR:PNE3).

PNE said on Friday that Morgan Stanley Infrastructure has informed the company's board of management that at this time it is no longer pursuing talks with potentially interested parties to launch preliminary talks on the sale of its entire holding.

The US investment bank, which is the biggest shareholder in PNE through Photon Management GmbH, unveiled the plan to exit the German company in October 2022 after it was unable to take a majority stake in the business about three years ago when it bought its stake.

Meanwhile, Morgan Stanley has increased its 39.8% interest in PNE and now holds 44.2% of the Cuxhaven-based company. The change in the voting rights was announced on January 24.

More details about the future plans of the US investor were not disclosed in the press statement from Friday.

Bloomberg reported in December that Swedish private equity firm EQT AB (STO:EQT) and Australian investment bank Macquarie Group (ASX:MQG) were interested in buying Morgan Stanley's shares in PNE.

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