FRANKFURT (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 group's annual general meeting (AGM).
As 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).
PNE will hold its AGM on Wednesday, at which Morgan Stanley (NYSE:MS), which owns around 40% of PNE since 2020 following a failed takeover attempt, is seeking a majority of seats on the group's supervisory board.
To prevent that from happening, ENKRAFT, which at the time had slammed Morgan Stanley's 4-euro-per-share bid as too low, has proposed two of its own candidates for election to PNE's board, including ENKRAFT managing director Benedikt Kormaier.
PNE shares are currently trading at 12.66 euros per share.
($1 = 0.9586 euros)