Bank of America was advising the parent company on the Brookfield talks, while telling bidders in Australia they were prohibited from talking to anyone at the French mothership.
Already a subscriber?At least three months. That’s how long France’s Neoen and Bank of America kept bidders for its Aussie renewables platform in the dark about its stealth talks with Brookfield.Phones – and tempers – were running hot in Sydney on Thursday, as news broke that Neoen shareholders were in exclusive talks to sell 53.3 per cent of the company to Brookfield Renewable Partners and Singapore’s Temasek Holdings at a €6.1 billion valuation.
If they’d been kept informed, the local process would have been given a wide berth, sources told this column. Instead, they spent time, money and resources on due diligence only to be told something to the effect of, “Too bad guys, the assets are actually going to another bidder – from discussions you didn’t even know were happening!”
Put simply, the Australian auction was a charade despite being billed as the biggest renewables deal the country would have seen since CWP Renewables’ heavily contested $3 billion-plus sale. Now, it isn’t unusual for vendors and their advisers to create competitive tension in an auction. But Neoen and Bank of America seem to have crossed a line by marketing a deal that didn’t actually exist?
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