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Brookfield Renewable Holdings Initiates Simplified Tender Offer for Neoen Shares and OCEANEs

Brookfield Renewable Holdings Initiates Simplified Tender Offer for Neoen Shares and OCEANEs

Brookfield Renewable Holdings 发起针对 Neoen 股份和 OCEANEs 的简化收购要约
Quiver Quantitative ·  01/02 11:20

Brookfield Renewable Holdings SAS filed a simplified mandatory tender offer for Neoen shares and convertible bonds, offering specified prices.

布鲁克菲尔德可再生能源控股公司已对Neoen的股票和可转债提出简化的强制性收购要约,报价为指定价格。

Quiver AI Summary

Quiver AI 概要

Brookfield Renewable Holdings SAS has announced a simplified tender offer for shares and convertible bonds of Neoen S.A., with proposed prices set at EUR 39.85 per share, EUR 48.14 for the 2020 OCEANEs, and EUR 101,382.00 for the 2022 OCEANEs. The offer is contingent on regulatory approval from the French stock market authority and will remain open for 21 trading days. Following this offer, if minority shareholders do not tender enough shares to represent more than 10% of Neoen's capital, Brookfield plans to initiate a squeeze-out procedure to acquire the remaining shares and OCEANEs. Brookfield currently holds about 53.12% of Neoen's shares following a block trade acquisition and envisions maintaining Neoen as an independent entity while supporting its growth in the renewable energy sector. The offer aims to provide liquidity to Neoen's minority shareholders and bondholders, with further details and necessary compliance documents being published prior to the offer's opening.

布鲁克菲尔德可再生能源控股公司已宣布对Neoen S.A.的股票和可转债提出简化的收购要约,拟议价格为每股39.85欧元,2020年OCEANEs为48.14欧元,2022年OCEANEs为101,382.00欧元。该要约须待法国证券市场监管机构的审批,并将开放21个交易日。如果少数股东不提交通常超过10%Neoen资本的足够股份,布鲁克菲尔德计划启动挤出程序以收购剩余股份和OCEANEs。布鲁克菲尔德目前在Neoen的股份约为53.12%,这是通过区块交易获得的,并设想将Neoen保持为独立实体,同时支持其在可再生能源领域的增长。该要约旨在为Neoen的少数股东和债券持有人提供流动性,详细信息和必要的合规文件将在要约开放前公布。

Potential Positives

潜在的积极因素

  • The offer price of EUR 39.85 per share represents a significant 26.9% premium over the last closing price at the time of announcement, enhancing shareholder value.
  • Brookfield Renewable Holdings has demonstrated its confidence in Neoen's potential by pursuing a majority stake, facilitating resources and support for its future growth in the renewable energy market.
  • The offer has been structured to potentially allow for a smooth transition to a private structure post-acquisition, providing liquidity options for all stakeholders involved.
  • Brookfield Renewable is positioned as a leader in renewable energy, with extensive resources to support Neoen's ambitious growth plans in clean energy, which could increase operational stability and expansion capabilities.
  • 每股39.85欧元的收购价格相比公告时的最后收盘价有显著的26.9%的溢价,增强了股东价值。
  • 布鲁克菲尔德可再生能源公司通过追求多数股权,展示了对Neoen潜力的信心,为其在可再生能源市场未来的增长提供资源和支持。
  • 该要约的结构设计旨在为收购后可能顺利转型为私人结构提供便利,为所有利益相关者提供流动性选择。
  • 布鲁克菲尔德可再生能源在可再生能源领域处于领先地位,拥有丰富的资源以支持Neoen在清洁能源方面的雄心勃勃的增长计划,这可能提高运营稳定性和扩展能力。

Potential Negatives

潜在负面因素

  • The press release indicates that Brookfield Renewable Holdings intends to implement a squeeze-out procedure which could force minority shareholders to sell their shares, potentially leading to discontent among investors who may prefer to retain their stake in Neoen.
  • There is a notable risk regarding the liquidity of the shares, as the press release outlines an "Event of Liquidity Default" that could occur, possibly affecting the availability of funds for holders of Unavailable Shares.
  • The significant costs associated with the offer, estimated at approximately EUR 50 million, may raise concerns about the financial implications this has on Neoen's overall financial health and shareholder value.
  • 新闻稿指出,Brookfield Renewable Holdings计划实施挤出程序,这可能迫使少数股东出售其股份,可能导致投资者不满,因为他们可能更希望保留在Neoen的股份。
  • 关于股份流动性的显著风险,新闻稿中概述了可能发生的"流动性违约事件",这可能会影响Unavailable Shares持有者的资金可用性。
  • 与该要约相关的重大成本,估计约为EUR 5000万,可能会引发人们对其对Neoen整体财务健康和股东价值的财务影响的担忧。

FAQ

常见问题

What is the offer price for Neoen shares?

Neoen股份的要约价格是多少?

The offer price for Neoen shares is EUR 39.85 per share.

Neoen股份的要约价格为每股EUR 39.85。


Who initiated the simplified tender offer for Neoen shares?

是谁发起了对Neoen股份的简化要约?

The simplified tender offer for Neoen shares was initiated by Brookfield Renewable Holdings SAS.

布鲁克菲尔德可再生能源控股SAS发起了对Neoen股份的简化收购要约。


What is the duration of the Neoen tender offer?

Neoen的收购要约的有效期是多久?

The duration of the Neoen tender offer is 21 trading days.

Neoen收购要约的有效期为21个交易日。


What happens if not enough shares are tendered?

如果没有足够的股份被提交,会发生什么?

If less than 10% of shares are tendered, a squeeze-out procedure will be implemented.

如果少于10%的股份被提交,将实施挤出程序。


Where can I find the draft offer document?

我在哪里可以找到草案要约文件?

The draft offer document is available on the websites of Brookfield Renewable Holdings and the AMF.

草案要约文件可以在布鲁克菲尔德可再生能源控股和AMF的网站上找到。

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

免责声明:这是由GlobeNewswire分发的新闻稿的人工智能生成摘要。用于总结这份稿件的模型可能会出错。请在这里查看完整发布。


$BAM Hedge Fund Activity

$BAm 对冲基金活动

We have seen 218 institutional investors add shares of $BAM stock to their portfolio, and 228 decrease their positions in their most recent quarter.

我们看到218位机构投资者在他们的投资组合中增加了$BAm股票的持仓,而228位则在最近一个季度减少了他们的持仓。

Here are some of the largest recent moves:

以下是最近的一些重大变动:

  • MANUFACTURERS LIFE INSURANCE COMPANY, THE removed 4,125,127 shares (-60.1%) from their portfolio in Q3 2024
  • ROYAL BANK OF CANADA added 4,058,116 shares (+25.5%) to their portfolio in Q3 2024
  • GOLDMAN SACHS GROUP INC removed 2,225,404 shares (-59.3%) from their portfolio in Q3 2024
  • TD ASSET MANAGEMENT INC added 1,752,564 shares (+12.9%) to their portfolio in Q3 2024
  • BRITISH COLUMBIA INVESTMENT MANAGEMENT CORP removed 1,533,857 shares (-92.7%) from their portfolio in Q3 2024
  • FMR LLC removed 1,504,454 shares (-7.3%) from their portfolio in Q3 2024
  • MONTRUSCO BOLTON INVESTMENTS INC. removed 1,108,371 shares (-62.3%) from their portfolio in Q3 2024
  • 制造商人寿保险公司在2024年第三季度从他们的投资组合中移除了4,125,127股(-60.1%)。
  • 加拿大皇家银行在2024年第三季度增加了4,058,116股(+25.5%)到他们的投资组合。
  • 高盛集团在2024年第三季度从他们的投资组合中移除了2,225,404股(-59.3%)。
  • TD资产管理公司在2024年第三季度增加了1,752,564股(+12.9%)到他们的投资组合。
  • 卑诗省投资管理公司在2024年第三季度从他们的投资组合中减少了1,533,857股(-92.7%)。
  • FMR LLC在2024年第三季度从他们的投资组合中移除了1,504,454股(-7.3%)。
  • MONTRUSCO BOLTON INVESTMENTS INC. 在2024年第三季度从他们的投资组合中减持了1,108,371股(-62.3%)。

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

要跟踪对冲基金的股票投资组合,请查看Quiver Quantitative的机构持有情况仪表。

Full Release

完整发布



Paris, Jan. 02, 2025 (GLOBE NEWSWIRE) --


THIS DOCUMENT IS AN UNOFFICIAL ENGLISH-LANGUAGE TRANSLATION OF THE FRENCH LANGUAGE PRESS RELEASE WHICH WAS PUBLISHED BY THE OFFEROR ON 2 JANUARY 2025. IN THE EVENT OF ANY DIFFERENCES BETWEEN THIS UNOFFICIAL ENGLISH LANGUAGE TRANSLATION AND THE OFFICIAL FRENCH LANGUAGE PRESS RELEASE, THE OFFICIAL FRENCH LANGUAGE PRESS RELEASE SHALL PREVAIL.



巴黎,2025年1月2日(全球新闻通讯)--


本文件是由提议方于2025年1月2日发布的法语新闻稿的非正式英语翻译。如果该非正式英语翻译与官方法语新闻稿存在任何差异,以官方法语新闻稿为准。





PRESS RELEASE ON THE FILING OF A DRAFT OFFER DOCUMENT RELATING TO THE SIMPLIFIED TENDER OFFER



关于提交简易收购要约文件的新闻稿




for the Neoen shares ("Shares") and bonds convertible into and/or exchangeable for new and/or existing Neoen shares ("OCEANEs")



针对Neoen股份("股份")及可转换和/或可交换为新发行和/或现有Neoen股份("OCEANEs")的债券




initiated by



由…发起




Brookfield Renewable Holdings SAS



布鲁克菲尔德可再生能源控股公司SAS




presented by



由…呈现










Bank presenting the offer



Bank presenting the offer and acting as guarantor



提供报价的银行



提供报价并担任担保人的银行




TERMS OF THE OFFER:

EUR 39.85 per share of Neoen
EUR 48.14 per 2020 OCEANE of Neoen
EUR 101,382.00 per 2022 OCEANE of Neoen



报价条款:

每股 EUR 39.85 的Neoen
每个2020年Neoen的OCEANE为 EUR 48.14
2022年Neoen的OCEANE每份为101,382.00欧元




DURATION OF THE OFFER:

21 Trading Days
The timetable for the simplified tender offer referred to herein (the "

Offer

") will be set by the French stock market authority (

Autorité des marchés financiers

) (the "

AMF

") in accordance with the provisions of its general regulation (the "

AMF General Regulation

")



要约的持续时间:

21个交易日
这里提到的简化要约的时间表("

报价

)将由法国证券市场监管机构(

金融市场管理局

)("

AMF

根据其一般规定的条款 ("

AMF一般规定

")



This press release (the "

Press Release

") was prepared by Brookfield Renewable Holdings and published pursuant to Article 231-16 of the AMF General Regulation.


本新闻稿 ("

新闻稿

) 是由布鲁克菲尔德可再生能源控股准备的,并根据AMF一般规定第231-16条发布。





The Offer and the draft offer document remain subject to review by the AMF.





该报价及报价文件草案仍需由AMF审核。






IMPORTANT NOTICE





重要通知




The Press Release must be read together with all other documents published in connection with the Offer. In particular, in accordance with Article 231-28 of the AMF General Regulation, a description of the legal, financial and accounting characteristics of Brookfield Renewable Holdings will be filed with the AMF and made available to the public no later than the day prior to the opening of the Offer. A press release will be issued to inform the public of the manner in which this information will be made available.


本新闻稿必须与与要约相关发布的所有其他文件一起阅读。特别是,根据AMF通用法规第231-28条,将向AMF提交布鲁克菲尔德可再生能源控股的法律、财务和会计特征的描述,并将在要约开始前一天向公众提供。将发布新闻稿以通知公众此信息的提供方式。



The Offer is not and will not be proposed in any jurisdiction where it would not be permitted under applicable law. Acceptance of the Offer by persons residing in countries other than France and the United States of America may be subject to specific obligations or restrictions imposed by legal or regulatory provisions. Recipients of the Offer are solely responsible for compliance with such laws and it is therefore their responsibility, before accepting the Offer, to determine whether such laws exist and are applicable, based on the advice they obtain from their own advisers.


要约不在任何法律不允许的司法管辖区内提出,也不会在这些地区提出。居住在法国以外和美国的个人接受要约可能受到法律或监管规定所施加的特定义务或限制。要约的接收者对遵守这些法律负责,因此在接受要约之前,他们有责任判断这些法律是否存在并适用,基于他们从自己顾问那里获得的建议。



For more information, see Section 2.14 (

Offer restrictions outside of France

) below.


有关更多信息,请参见第2.14节(

法国以外的要约限制

) 如下所述。



In the event that the number of shares not tendered to the Offer by the minority shareholders of Neoen, excluding treasury shares held by the Company and the shares covered (or that will be covered) by the Liquidity Agreements (as defined in this Press Release) does not represent more than 10% of the share capital and voting rights of Neoen following the Offer, Brookfield Renewable Holdings intends to implement, at the latest within three (3) months following the closing of the Offer, in accordance with Articles L. 433-4 II of the French Monetary and Financial Code and 237-1 et seq. of the AMF General Regulation, a squeeze-out procedure in order to transfer the Neoen shares not tendered to the Offer (excluding treasury shares held by the Company and the shares covered (or that will be covered) by the Liquidity Agreements) in exchange for compensation equal to the Offer Price per Share (i.e. EUR 39.85 per Share).


如果未被Neoen的少数股东投标的股份数量(不包括公司持有的库藏股和本新闻稿中定义的流动性协议所涵盖(或将会涵盖)的股份)不超过Neoen在要约后的股本和表决权的10%,布鲁克菲尔德可再生能源控股计划在要约结束后的三(3)个月内,根据法国货币与金融法典第L. 433-4 II条和AMF通用法规第237-1条及后续条款,实施挤出程序,以将未投标的Neoen股份(不包括公司持有的库藏股和流动性协议所涵盖(或将会涵盖)的股份)转让并获得相当于每股要约价格的补偿(即每股39.85欧元)。



In addition, in the event that the number of shares not tendered to the Offer by the minority shareholders of Neoen (excluding treasury shares held by the Company and the shares covered (or that will be covered) by the Liquidity Agreements) and the number of shares that may be issued upon conversion of the OCEANEs not tendered in the Offer do not represent more than 10% of the sum of existing Neoen shares and Neoen shares that may be issued upon conversion of the OCEANEs following the Offer, Brookfield Renewable Holdings also intends to implement, at the latest within three (3) months following the closing of the Offer, in accordance with Articles L. 433-4 III of the French Monetary and Financial Code and 237 1 et seq. of the AMF General Regulation, a squeeze-out procedure in order to transfer the OCEANEs not tendered to the Offer in exchange for compensation equal to the Offer Price per OCEANE (i.e. EUR 48.14 per 2020 OCEANE and EUR 101,382.00 per 2022 OCEANE).


此外,如果Neoen的少数股东未投标的股份(不包括公司持有的库藏股以及根据流动性协议涵盖(或将涵盖)的股份)以及未在要约中投标的OCEANE可转换的股份数量,未超过现有Neoen股份和根据要约后可转换OCEANE发行的Neoen股份总和的10%,Brookfield Renewable Holdings还打算在要约结束后的三(3)个月内,根据法国货币与金融法典第L. 433-4 III条和AMF一般规则第237 1条及其后续条款,实施强制收购程序,以便将未投标的OCEANE转换为与每个OCEANE的要约价格相等的赔偿(即2020年OCEANE每个48.14欧元和2022年OCEANE每个101,382.00欧元)。



The draft offer document prepared by Brookfield Renewable Holdings (the "

Draft Offer Document

") is available on the website of Brookfield Renewable Holdings (neoen-offer-brookfield.com) and of the AMF (



) and may be obtained free of charge from:


Brookfield Renewable Holdings准备的要约文件草案("

要约文件草案

)可在Brookfield Renewable Holdings的官方网站(neoen-offer-brookfield.com)和AMF的官网(



)上获取,并可免费索取,寄送地址为:










Brookfield Renewable Holdings SAS

39 rue de Courcelles
75008 Paris


BNP Paribas

(M&A EMEA Department)
5 boulevard Haussmann
75009 Paris
("

BNP Paribas

")


Société Générale

GLBA/IBD/ECM/SEG
75886 Paris Cedex 18
("

Société Générale

")


Brookfield Renewable Holdings SAS

库尔塞尔大街39号
75008 巴黎


法国巴黎银行

(并购 欧洲、中东、非洲 部门)
奥斯曼大道5号
75009 巴黎
("

法国巴黎银行

")


法国巴黎银行

GLBA/IBD/ECM/SEG
75886 巴黎 Cedex 18
("

法国兴业银行

")




  1. OVERVIEW OF THE OFFER




  1. 要约概述




Pursuant to Title III of Book II and more specifically Articles 233-1, 2° and 234-2 et seq. of the AMF General Regulation, Brookfield Renewable Holdings SAS, a French

société par actions simplifiée

with a share capital of 1,000 euros, having its registered office at 39 rue de Courcelles, 75008 Paris, France registered with the Paris Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 928 680 024 ("

Brookfield Renewable Holdings

" or the "

Offeror

") irrevocably offers to all shareholders of Neoen S.A., a public limited company (

société anonyme

) with a board of directors and a share capital of 305,697,548 euros, having its registered office at 22 rue Bayard, 75008 Paris, registered with the Paris Trade and Companies Registry under number 508 320 017 ("

Neoen

" or the "

Company

", and together with its directly- or indirectly-owned subsidiaries, the "

Group

"), and to all holders of Neoen bonds convertible into new ordinary shares and/or exchangeable for existing ordinary shares of the Company issued by the Company on 2 June 2020 (the "

2020 OCEANEs

") and of Neoen bonds convertible into new ordinary shares and/or exchangeable for existing ordinary shares of the Company issued by the Company on 14 September 2022 (the "

2022 OCEANEs

" and, together with the 2020 OCEANEs, the "

OCEANEs

"), to acquire, in cash:


根据《金融市场管理局一般规定》第三部分第二册,特别是第233-1条、第2°条及第234-2条及以下的规定,布鲁克菲尔德可再生控股公司,法国

简化股份公司

公司注册资本为1,000欧元,注册办公地址位于法国巴黎75008德库尔塞尔街39号,注册于巴黎贸易和公司注册处(

商业和公司注册处

)注册号码为928 680 024(

布鲁克菲尔德可再生能源控股

"或"

要约方

)不可撤回地向所有Neoen S.A.的股东提供,

股份有限公司

) 设有董事会,注册资本为305,697,548欧元,注册地址位于巴黎75008,贝亚尔街22号,注册于巴黎商会和公司登记处,登记号为508 320 017 ("

Neoen

"或"

公司

", 以及其直接或间接拥有的子公司,称为"

集团

",以及所有持有在2020年6月2日由公司发行的可转换新普通股及/或可交换现有普通股的Neoen债券的持有者("

2020 OCEANEs}

)以及由公司于2022年9月14日发行的可转换为公司新普通股和/或可交换为现有普通股的Neoen债券(

2022 OCEANEs

与2020 OCEANEs一起,

OCEANEs

),以现金方式收购:



  • all of the shares of the Company which are traded on the compartment A of the Euronext Paris regulated market under ISIN Code FR0011675362, ticker symbol "NEOEN" (the "

    Shares

    "),

  • all of the 2020 OCEANEs of the Company which are traded on the multilateral trading facility Euronext Access ("

    Euronext Access

    ") under ISIN Code FR0013515707, and

  • all the 2022 OCEANEs of the Company which are traded on Euronext Access under ISIN Code FR001400CMS2,

  • 在Euronext巴黎监管市场A类交易区内,根据ISIN代码FR0011675362,交易的所有公司股票,标的代码为“NEOEN”(

    股份

    "),

  • 公司所有2020年的OCEANEs在多边交易场所Euronext Access("

    Euronext Access

    )根据ISIN代码FR0013515707,以及

  • 公司所有2022年的OCEANEs在Euronext Access交易,ISIN代码为FR001400CMS2,


that the Offeror does not hold (subject to the exceptions set out below), directly or indirectly, on the date of the Draft Offer Document, at the price of:


在草拟要约文件日期,收购方不持有(受以下所列例外情况的限制),直接或间接,的价格为:



  • EUR 39.85 per Share (the "

    Offer Price per Share

    "),

  • EUR 48.14 per 2020 OCEANE (the "

    Offer Price per 2020 OCEANE

    "), and

  • EUR 101,382.00 per 2022 OCEANE (the "

    Offer Price per 2022 OCEANE

    "),

  • 每股39.85欧元("

    每股要约价格

    "),

  • 2020年OCEANE的价格为EUR 48.14("

    2020年OCEANE的报价

    "

  • 2022年OCEANE的价格为EUR 101,382.00("

    2022年OCEANE的报价

    "),


as part of a simplified mandatory tender offer, the terms and conditions of which are described hereafter (the "

Offer

") and which may be followed, if all conditions are met, by a squeeze-out procedure for the Shares and/or OCEANEs pursuant to the provisions of Articles 237-1 to 237-10 of the AMF General Regulation (the "

Squeeze-Out

").


作为简化强制招标的一部分,条款和条件将在下文中描述("

报价

") 如果所有条件都满足,可能会根据AMF通用法规第237-1至237-10条的规定,随后进行对股份和/或OCEANEs的强迫收回程序("

Squeeze-Out

").



The Offer results from the completion of the Block Trade Acquisition (which is described in Section 1.1.2).


该要约源于区块交易收购的完成(详见第1.1.2节)。



As of the date of the Draft Offer Document0F

1

, Brookfield Renewable Holdings holds:


截至草案要约文件日期0F

1

,布鲁克菲尔德可再生能源控股公司持有:



  • directly 81,197,100 Shares (i.e. 53.12% of the share capital and 53.19% of the voting rights of the Company),

  • by way of assimilation pursuant to Article L. 233-9 of the French Commercial Code:

    • the (i) 545,672 Unavailable Holding Shares (as defined below) (i.e. 0.36% of the share capital and theoretical voting rights of the Company) with respect to which Brookfield Renewable Holdings benefits from a Call Option (as defined below) at the Offer Price per Share for each Unavailable Holding Share exercisable as from 16 April 2025, pursuant to the Liquidity Agreement entered into by Mr. Xavier Barbaro (which is described in Section 1.3.3), (ii) 39,943 Managers Unavailable Shares (as defined in Section 2.4 and also covered by the Liquidity Agreement entered into by Mr. Xavier Barbaro) held by Mr. Xavier Barbaro, (iii) 1,600 PEE Shares (as defined below) held by Mr. Xavier Barbaro, and (iv) 180,8321F

      2

      2024 Free Shares (as defined below and also covered by the Liquidity Agreement entered into by Mr. Xavier Barbaro) held by Mr. Xavier Barbaro,

    • the (i) 442,895 Shares, (ii) 9,445 Managers Unavailable Shares (as defined in Section 2.4 and covered by the Liquidity Agreement entered into by Mr. Romain Desrousseaux), and (iii) 120,555 2024 Free Shares2F

      3

      (as defined below and also covered by the Liquidity Agreement entered into by Mr. Romain Desrousseaux) held by Mr. Romain Desrousseaux, and

    • 14,330 Shares (i.e. 0.009% of the share capital and theoretical voting rights of the Company) through the intermediary of Aranda Investments Pte. Ltd., a Singapore private company limited by shares, having its registered office at 60B, Orchard Road, #06-18, The Atrium @Orchard, Singapore 238891 and whose Unique Entity Number is 200312481K ("

      Aranda Investments

      "), an indirect wholly-owned subsidiary of Temasek Holdings (Private) Limited, a Singapore Exempt Private Limited company, having its registered office at 60B, Orchard Road, #06-18, The Atrium @Orchard, Singapore 238891 and whose Unique Entity Number is 197401143C ("

      Temasek

      ").


  • 直接持有81,197,100股(即53.12%的股本和53.19%的公司投票权),

  • 通过根据法国商业法典第L.233-9条的同化方式:

    • (i)545,672股不可用持有股份(定义见下文)(即公司股本和理论投票权的0.36%),与此有关的是布鲁克菲尔德可再生能源持有的看涨期权(定义见下文),其按每股不可用持有股份的要约价格可于2025年4月16日起行使,依据由泽维尔·巴巴罗先生签订的流动性协议(详见第1.3.3节),(ii)由泽维尔·巴巴罗先生持有的39,943股经理不可用股份(定义见第2.4节,亦被泽维尔·巴巴罗先生签订的流动性协议涵盖),(iii)由泽维尔·巴巴罗先生持有的1,600股PEE股份(定义见下文),和(iv)180,8321F

      2

      2024年自由股份(定义见下文,亦被泽维尔·巴巴罗先生签订的流动性协议涵盖)由泽维尔·巴巴罗先生持有,

    • (i)442,895股,(ii)9,445股经理不可用股份(定义见第2.4节,并被罗曼·德鲁索先生签订的流动性协议涵盖),以及(iii)120,555股2024年自由股份2F

      3

      (定义见下文,亦被罗曼·德鲁索先生签订的流动性协议涵盖)由罗曼·德鲁索先生持有,以及

    • 14,330股(即公司股本和理论投票权的0.009%),通过新加坡私营有限公司Aranda Investments Pte. Ltd.进行中介,注册地址为600亿,Orchard Road,#06-18,The Atrium @Orchard,新加坡238891,其唯一实体编号为20031248.1000000015万("

      阿兰达投资

      "),淡马锡持仓(私人)有限公司的一个间接全资子公司,注册于新加坡免税私营有限公司,注册办事处位于600亿,乌节路,#06-18,乌节中心,新加坡238891,唯一实体编号为197401143C("

      淡马锡

      ").



In total, the Offeror holds, directly and indirectly, alone and in concert, and by assimilation, 82,250,985 Shares (i.e. 53.81% of the share capital and theoretical voting rights of the Company)3F

4

.


截至目前,发起人直接和间接持有、单独和协同以及通过归并,82,250,985股(即公司股份总额的53.81%和理论投票权)3F

4

.



The Offeror does not hold, directly and indirectly, alone and in concert, or by assimilation, any OCEANEs.


发起人直接和间接未持有、单独和协同或通过归并,任何OCEANEs。



To the extent that, because of the Block Trade Acquisition, the Offeror has crossed the threshold of 30% of the Company's share capital and voting rights, the Offer is mandatory pursuant to the provisions of Article L. 433-3, I of the French Monetary and Financial Code and Article 234-2 of the AMF General Regulation.


由于区块交易收购,若收购方的持股比例和表决权超过30%,则根据法国货币和金融法典第L. 433-3条第I款及AMF一般规定第234-2条的规定,该要约为强制性要约。



In accordance with the provisions of article 231-6 of the AMF General Regulation, the Offer targets:


根据AMF一般规定第231-6条的规定,该要约的目标是:



(i) all Shares, whether outstanding or to be issued, that are not held directly by the Offeror, i.e., the Shares:


(i) 所有股份,无论是已发行的还是待发行的,均不直接由收购方持有,即:



  • which are already issued other than the Excluded Shares (as defined below), i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum of 70,713,338 Shares,

  • which may be issued before the closing of the Offer (as per the indicative timetable provided in Section 2.10), other than the Excluded Shares (as defined below), as a result of the vesting of Free Shares granted by the Company under the Free Shares Plans (as defined in Section 2.4), i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum of 161,9714F

    5

    Shares corresponding to all 2022 Free Shares,

  • which may be issued before the closing of the Offer (as per the indicative timetable provided in Section 2.10) in connection with the conversion of the 2020 OCEANEs, i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum number of 4,445,020 new Shares5F

    6

    ,

  • which may be issued before the closing of the Offer (as per the indicative timetable provided in Section 2.10) in connection with the conversion of the 2022 OCEANEs, i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum number of 7,519,824 new Shares6F

    7

    ,

  • 已经发行的股份,除被排除的股份(见下文定义)外,即在收购方现知及草案要约文件日期下,最多有70,713,338股股份,

  • 在要约结束之前可能发行的股份(根据第2.10节提供的指示性时间表),除被排除的股份(见下文定义)外,因公司根据股份计划(见第2.4节)授予的自由股份的归属而可能发行的,即在收购方现知及草案要约文件日期下,最多为161,9714F

    5

    对应于2022年所有自由股份,

  • 在要约结束之前可能发行的股份(根据第2.10节提供的指示性时间表),与2020年可转换债券的转换相关,即在收购方现知及草案要约文件日期下,最多为4,445,020新股份5F

    6

    ,

  • 在提议的时间表(见第2.10节)中,可能在要约结束前发行,涉及2022年可转债的转换,即根据要约人的知识,截至草案要约文件的日期,最多可达7,519,824股新股份6F

    7

    ,


i.e., to the knowledge of the Offeror at the date of the Draft Offer Document, a maximum number of Shares targeted by the Offer equal to 82,840,153; and


即根据要约人的知识,截至草案要约文件的日期,目标股份最大数量为82,840,153股;并且



(ii) all outstanding OCEANEs that are not held by the Offeror, i.e. to the knowledge of the Offeror at the date of the Draft Offer Document, 3,679,653 2020 OCEANEs and 3,000 2022 OCEANEs.


(ii) 所有尚未持有的可转债,即根据要约人的知识,截至草案要约文件的日期,2020年可转债为3,679,653份,2022年可转债为3,000份。



Among the Shares covered by the Offer, the 283,5817F

8

Unavailable PEE Shares (as defined below) cannot be tendered into the Offer (except in the case of an early release in accordance with applicable laws and regulation). However, Unavailable PEE Shares will be targeted by the Squeeze-Out, if applicable.


在要约所涵盖的股份中,283,5817F

8

不可用的PEE股票(定义见下文)无法提交到报价中(除非根据适用法律和法规提前释放的情况)。然而,不可用的PEE股票将会被挤兑,如适用。



It is specified that the Offer does not target:


报价不针对:



  • the Shares held in treasury by the Company, the board of directors of the Company having decided not to tender them to the Offer, i.e., to the knowledge of the Offeror and as the date of the Draft Offer Document, 188,338 Shares (representing 0.12% of the share capital and theoretical voting rights of the Company)8F

    9

    ,

  • the Unavailable Free Shares (as defined below), i.e. to the knowledge of the Offeror and as of the date hereof, a maximum of 932,7619F

    10

    Free Shares (these Shares being legally and technically unavailable and not being able to be tendered in the Offer). The situation of the beneficiaries of Free Shares in the context of the Offer is described in Sections 1.3.3 and 2.4. The Unavailable Free Shares (as defined below) will be covered under the Liquidity Agreements (as defined in Section 1.3.3),

  • the Managers Unavailable Shares (as defined below), i.e. to the knowledge of the Offeror and as of the date hereof, a maximum of 49,388 Free Shares (these Shares being legally and technically unavailable and not being able to be tendered in the Offer). The situation of the beneficiaries of Managers Unavailable Shares in the context of the Offer is described in Sections 1.3.3 and 2.4. The Managers Unavailable Shares (as defined in Section 2.4) are covered under the Liquidity Agreements entered into by, respectively, Mr. Xavier Barbaro and Mr. Romain Desrousseaux (as defined in Section 1.3.3),

  • the Shares held by (i) Cartusia10F

    11

    subject to a holding period (i.e. to the knowledge of the Offeror at the date of the Draft Offer Document 403,928 Shares), and (ii) Equinox11F

    12

    , Kampen12F

    13

    , Hilaris13F

    14

    and Palancia14F

    15

    , such entities being family-owned entities indirectly represented by Mr. Xavier Barbaro, subject to a holding period (i.e. 141,744 Shares), collectively the "

    Unavailable Holding Shares

    ". The Unavailable Holding Shares are covered under the Liquidity Agreement entered into by Mr. Xavier Barbaro (as defined in Section 1.3.3) and are subject to a Call Option exercisable by Brookfield Renewable Holdings at the Offer Price per Share as from 16 April 2025, and

  • 154,938 Shares held, directly or indirectly, by Mr. Romain Desrousseaux that could be the subject, in whole or in part, of a contribution in kind in the event of the exercise of his reinvestment option, as described in Section 1.3.2 (the "

    RD Shares That May Be Tendered

    ")15F

    16

    ,

  • 公司持有的库存股票,由公司董事会决定不向报价提交,即截至草案报价文件日期,188,338股(占公司股本和理论投票权的0.12%)8F

    9

    ,

  • 不可用的自由股票(定义见下文),即截至本日期,招标人知道的最多932,7619F

    10

    不可用股份(这些股份在法律和技术上不可用,无法在要约中进行投标)。在要约的背景下,免费股份受益人的情况在第1.3.3节和第2.4节中描述。不可用的免费股份(如下面定义)将根据流动性协议(如第1.3.3节中定义)进行处理,

  • 经理人不可用股份(如下面定义),即在此日期的要约人知识上,最多49,388个免费股份(这些股份在法律和技术上不可用,无法在要约中进行投标)。在要约的背景下,经理人不可用股份的受益人情况在第1.3.3节和第2.4节中描述。经理人不可用股份(如第2.4节定义)根据流动性协议进行覆盖,分别由Xavier Barbaro先生和Romain Desrousseaux先生(如第1.3.3节定义)签署,

  • 由(i) Cartusia10F持有的股份

    11

    受持有期限制(即要约人在草拟要约文件日期所知的403,928股份),以及(ii) Equinox11F

    12

    ,Kampen12F

    13

    , Hilaris13F

    14

    和 Palancia14F

    15

    , 该实体为由 Xavier Barbaro 先生间接代表的家族拥有实体,受持有期限制(即 141,744 股),统称为 "

    不可用持股

    "。不可用持股受 Xavier Barbaro 先生(如第 1.3.3 节定义)所签署的流动性协议的约束,并且自 2025 年 4 月 16 日起,受 Brookfield Renewable Holdings 可行使的看涨期权约束,以每股报价为准,

  • 154,938 股由 Romain Desrousseaux 先生直接或间接持有,若行使其再投资选项,如第 1.3.2 节中所述,可能作为实物贡献的全部或部分。

    可能被投标的RD股份

    ")15F

    16

    ,


(together, the "

Excluded Shares

").


(合称为"

排除股票

").



As a result of the indicative timetable of the Offer provided in Section 2.10, the 105,416 2023 Accelerated Free Shares (as defined below) being vested on 28 February 2025, they cannot be tendered into the Offer16F

17

. Such 2023 Accelerated Free Shares will however be covered by the Squeeze-Out, if applicable.


根据第2.10节中提供的要约指示时间表,由于105,416股2023年加速自由股份(定义见下文)将在2025年2月28日归属,因此无法投标至该要约16F

17

然而,如果适用,2023年的加速自由股份将涵盖在强制收回中。



To the knowledge of the Offeror, there are no other equity securities or other financial instruments issued by the Company or rights conferred by the Company that may give access, immediately or in the future, to the share capital or voting rights of the Company, other than the existing Shares and the OCEANEs described in Section 2.3 and the Free Shares described in Section 2.4.


根据报价方的了解,除了现有股份和第2.3节中描述的OCEANEs以及第2.4节中描述的自由股份外,公司没有其他任何股权证券或其他金融工具或公司赋予的权利,这些可能立即或在未来获得公司股本或投票权。



The Offer, which will be followed, if conditions are met, by a Squeeze-Out procedure pursuant to Articles L. 433-4 II and L. 433-4 III of the French Monetary and Financial Code and 237-1 et seq. of the AMF General Regulation, will be conducted following the simplified procedure in accordance with the provisions of Article 233-1 et seq. of the AMF General Regulation.


该要约在条件满足的情况下将会随后进行强制收回程序,根据法国货币与金融法典第L. 433-4 II和L. 433-4 III条以及AMF一般规章第237-1等条款,将按照AMF一般规章第233-1等条款的规定,遵循简化程序进行。



The duration of the Offer will be 21 Trading Days17F

18

.


要约的持续时间将为21个交易日17F

18

.



In accordance with the provisions of Article 231-13 of the AMF General Regulation, BNP Paribas and Société Générale (together, the "

Presenting Banks

"), as presenting banks of the Offer, filed the Offer and the Draft Offer Document with the AMF on behalf of the Offeror, it being specified that only Société Générale guarantees the content and the irrevocable nature of the commitments made by the Offeror in connection with the Offer.


根据AMF一般规章第231-13条的规定,法国巴黎银行和兴业银行(合称为"

呈现银行

作为要约的呈现银行,代表要约方向AMF提交了要约和草案要约文件,特别说明只有法国巴黎银行对要约方在与要约相关的承诺内容和不可撤销性质提供担保。



1.1 Background of the Offer


1.1 要约背景



1.1.1 Presentation of the Offeror


1.1.1 要约方介绍



(a) Presentation


(a) 介绍



Brookfield Renewable Holdings is a special purpose vehicle whose share capital is directly fully owned by BRHL UK Holdings Limited18F

19

, itself indirectly fully owned by BRHL Master UK Holdings Limited19F

20

("

Holdco

").


Brookfield Renewable Holdings是一个特殊目的载体,其股本由BRHL Uk Holdings Limited直接全资拥有。

19

该公司本身由BRHL Master Uk Holdings Limited间接全资拥有。

20

("

Holdco

").



Brookfield Renewable Holdings is ultimately indirectly controlled by Brookfield Asset Management20F

21

, Brookfield Corporation21F

22

and their respective affiliates ("

Brookfield

").


Brookfield Renewable Holdings 最终由布鲁克菲尔德资产管理间接控制20F

21

,布鲁克菲尔德公司21F

22

及其各自在的关联公司("

布鲁克菲尔德

").



Brookfield is pursuing the transaction through Brookfield Global Transition Fund II ("

BGTF II

"), which is Brookfield's flagship vehicle for investing in and facilitating the global transition to a net-zero economy and which has Brookfield Renewable Partners22F

23

as cornerstone investor.


布鲁克菲尔德通过布鲁克菲尔德全球转型基金二期("

BGTF II

“),这是布鲁克菲尔德用于投资和促进全球向净零经济转型的旗舰工具,布鲁克菲尔德可再生能源合伙人22F

23

作为基石投资者。



BGTF II is the successor of the inaugural Brookfield Global Transition Fund, the world's largest private institutional investment fund dedicated specifically to investing in the transition to clean energy technologies globally.


BGTF II是首个布鲁克菲尔德全球转型基金的继承者,这是全球最大的专门投资于全球清洁能源技术转型的私人机构投资基金。



Brookfield Renewable Partners is an affiliate of Brookfield and Brookfield's flagship listed renewable power and sustainable solutions company. Brookfield Renewable Partners operates one of the world's largest publicly traded renewable power and transition platforms, with a 35 GW operating asset portfolio and an approximately 200 GW development pipeline consisting of hydroelectric, wind, utility-scale solar, distributed generation and storage facilities in North America, South America, Europe and Asia.


布鲁克菲尔德可再生能源合作伙伴是布鲁克菲尔德的子公司,是布鲁克菲尔德主要的上市可再生能源和可持续解决方案公司。布鲁克菲尔德可再生能源合作伙伴运营着全球最大的上市可再生能源和转型平台之一,拥有35000兆瓦的运营资产组合和大约200000兆瓦的发展管道,其中包括北美、南美、欧洲和亚洲的水电、风能、公用事业规模的太阳能、分布式发电和储存设施。



Brookfield Renewable Partners is a longstanding owner, operator, developer and acquirer of renewable power and is increasingly focused on providing decarbonisation and energy transition as a service, helping businesses and governments globally to advance their sustainability goals. Brookfield Renewable Partners is listed on the New York Stock Exchange under the symbol BEP and the Toronto Stock Exchange under the symbol BEP.


布鲁克菲尔德可再生能源合作伙伴是可再生能源的长期拥有者、运营商、开发商和收购者,越来越专注于提供脱碳和能源转型服务,帮助全球的企业和政府推动其可持续目标。布鲁克菲尔德可再生能源合作伙伴在纽约证券交易所以标的BEP上市,并在多伦多证券交易所以标的BEP上市。



It is specified that Temasek holds a minority interest in Holdco via its indirect wholly owned subsidiary Rosa Investments Pte. Ltd., a Singapore private limited company, having its registered office at 60B, Orchard Road, #06-18, The Atrium @Orchard, Singapore 238891 and whose Unique Entity Number is 202340014H ("

Rosa Investments

"), which is a shareholder of Holdco (as further described below). Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 13 offices across 9 countries, Temasek owns a S$389 billion portfolio as at 31 March 2024, mainly in Singapore and the rest of Asia.


指定淡马锡通过其间接全资子公司Rosa Investments Pte. Ltd.,一家新加坡私人有限公司,在Holdco中持有少数股权,该公司注册办公室位于新加坡238891, Orchard Road 600亿号, #06-18, The Atrium @Orchard,独特实体编号为202340014H ("

Rosa Investments

"),是Holdco的股东(详细描述见下文)。淡马锡成立于1974年,是一家总部位于新加坡的投资公司。淡马锡在9个国家设有13个办事处,截至2024年3月31日,拥有3890亿新加坡元的投资组合,主要位于新加坡和其他亚洲地区。



Brookfield, Temasek, Mr. Xavier Barbaro (and Cartusia) and Mr. Romain Desrousseaux are acting in concert through Brookfield Renewable Holdings towards the Company in accordance with article L. 233-10 of the French Commercial Code.


布鲁克菲尔德、淡马锡、Xavier Barbaro先生(及Cartusia)和Romain Desrousseaux先生按照法国商法典第L. 233-10条的规定,通过布鲁克菲尔德可再生能源控股公司共同采取行动。



(b) Shareholders Agreement


(b) 股东协议



BRHL Aggregator LP23F

24

(the "

Brookfield Aggregator Shareholder

", together with its affiliates who are shareholders, the "

Brookfield Shareholder Group

") and Rosa Investments have agreed to enter into a shareholders agreement (the "

Shareholders Agreement

") in relation to Holdco, the main terms and conditions of which are summarized below. Holdco indirectly owns 100% of the share capital and voting rights of Brookfield Renewable Holdings (subject to the reinvestment of the Managers as described in Section 1.3.2).


BRHL Aggregator LP23F

24

(以下简称“

布鲁克菲尔德聚合器股东

",连同其作为股东的关联公司,

布鲁克菲尔德股东集团

")和罗莎投资已同意签署股东协议(

股东协议

)与Holdco有关,其主要条款和条件总结如下。Holdco间接拥有布鲁克菲尔德可再生能源控股公司的100%的股本和表决权(须遵循第1.3.2节中所描述的管理者再投资)。



(iii) Governance of Holdco


(三)Holdco的治理



Holdco is a private limited company incorporated under the laws of England. The board of directors of Holdco ("

Holdco Board

") oversees the management of Holdco and its subsidiaries and has full and complete authority, power and discretion to manage and control the business affairs and properties of Holdco.


Holdco是一家根据英国法律注册的私营有限公司。Holdco的董事会(“

Holdco Board

)监管Holdco及其子公司的管理,并拥有完全的权力和自主权来管理和控制Holdco的商业事务和资产。



Each shareholder is entitled to appoint one member to the Holdco Board for each 10% interest in Holdco held by the shareholder.


每位股东有权根据其在Holdco中持有的10%的权益,任命一名董事会成员。



Other than certain material actions that are classified as "Reserved Matters" (requiring the prior written approval of shareholders holding at least 75% of the shares of Holdco (or directors appointed by such shareholders)) and "Fundamental Matters" (requiring the prior written approval of shareholders holding at least 90% of the shares of Holdco (or directors appointed by such shareholders)) in the Shareholders Agreement, all matters will be decided by a simple majority vote of the Holdco Board or the shareholders, as applicable.


除某些被归类为“保留事项”的重大行动外(需获得持有至少75%Holdco股份的股东(或由该等股东任命的董事)的事先书面批准)以及“基本事项”(需获得持有至少90%Holdco股份的股东(或由该等股东任命的董事)的事先书面批准),在股东协议中,所有事项将由Holdco董事会或股东(视情况而定)的简单多数票决定。



(iv) Transfer of Holdco securities


(iv) 转让控股公司的证券



The Shareholders Agreement establishes the following principles with respect to the transfer of Holdco securities, subject in each case, to certain exceptions and preconditions:


股东协议建立了关于控股公司证券转让的以下原则,但在每种情况下,都须符合某些例外和前提条件:




  • Lock-up period

    : except for authorized transfers to affiliates, the Holdco securities are subject to a three (3) year lock-up period as from the settlement date of the last acquisition of Neoen securities by Brookfield Renewable Holdings in the context of (i) the Offer or (ii) the Squeeze-Out (as applicable), during which they cannot be transferred by any shareholder;


  • Right of first offer

    : following the lock-up period, any transfer of any Holdco securities by a shareholder is subject to a right of first offer in favor of the other shareholders;


  • Tag-along rights

    : if the Brookfield Shareholder Group proposes to transfer any of its Holdco securities and, as a result of this transaction, the Brookfield Shareholder Group (i) ceases to control Holdco, then the other shareholders have a full tag along right, or (ii) continues to control Holdco, then the other shareholders have a proportionate tag along right.


  • 锁定期

    除经授权转让给附属公司外,控股公司的证券自布鲁克菲尔德可再生能源控股在(i) 要约或(ii) 强制性收购(视情况而定)中最后一次收购Neoen证券的结算日起,享有三(3)年的锁定期,在此期间,任何股东不能转让其所持有的证券;


  • 优先购买权

    在锁定期结束后,股东转让任何控股公司证券的行为须优先提供给其他股东购买权;


  • 跟随权

    如果布鲁克菲尔德股东集团提议转让其任何控股公司的证券,并且由于这笔交易,布鲁克菲尔德股东集团(i) 不再控制控股公司,则其他股东拥有完全跟随权;或者(ii) 继续控制控股公司,则其他股东拥有按比例的跟随权。


(v) Exit clause


(v) 退出条款



Subject to certain conditions (including in terms of timing and a minimum shareholding in Holco), a shareholder can require that Holdco initiates an exit process.


在某些条件(包括时机和对Holco的最低股东持股比例)下,股东可以要求Holdco启动退出程序。



1.1.2 Reasons for the Offer


1.1.2 收购原因



Neoen was founded in 2008 and inaugurated its first solar power plant in France in 2009. Since then, Neoen has established itself as a renowned independent player in the global renewable energy sector with 10.36 GW of secured capacity and 20.3 GW of advanced pipeline. Neoen has a presence in 15 countries, including strong positions in France and Australia.


Neoen于2008年成立,并于2009年在法国启用了其第一座太阳能电站。从那时起,Neoen已经确立了自己作为全球可再生能源行业内知名的独立参与者,拥有10.36吉瓦的已 secured 容量和20.3吉瓦的先进管道。Neoen在15个国家设有办事处,包括在法国和澳洲的强大业务。



On 17 October 2018, Neoen's shares were admitted to trading on the regulated market of Euronext Paris. After having successfully grown its development business and portfolio of renewables projects over the preceding 10 years, Neoen's listing allowed the Group to pursue its successful growth and supported the capital-intensive nature of a scaling renewables development business.


2018年10月17日,Neoen的股票在巴黎泛欧交易所的受监管市场上开始交易。经过十年的成功发展其可再生能源业务和项目组合后,Neoen的上市使集团能够追求成功增长,并支持了可再生能源开发业务的资本密集特性。



At the end of 2023, Neoen was present in 15 countries and had approximately 8 GW of assets in operation or under construction across solar, wind and storage technologies.


到2023年底,Neoen在15个国家运营,拥有大约8吉瓦的资产,涉及太阳能、风能和储能技术,正在施工中或已经投入使用。



Brookfield closely followed the development of Neoen. After a period of negotiation and due diligence, the Offeror made an offer to the main Company's shareholders (including Impala24F

25

), following which the envisaged majority stake acquisition by Brookfield was announced on 30 May 2024 as further indicated below.


Brookfield密切关注Neoen的发展。在经过一段时间的谈判和尽职调查后,收购方向主要公司的股东(包括Impala24F)提出了要约。

25

), 随后在2024年5月30日宣布的股权收购意向事项,由布鲁克菲尔德进行的控股权收购如下面进一步所指。



The Offeror regards Neoen as a high-quality global developer and operator, and believes that the Group would represent a complementary addition to Brookfield's existing renewable power and transition portfolio. The Offeror believes it is uniquely positioned to assist the Company in the next stage of its growth, from a commercial and financial perspective.


要约方将Neoen视为高质量的全球开发与运营商,并相信该集团将成为布鲁克菲尔德现有可再生能源与转型投资组合的互补补充。要约方相信自己在商业和金融方面处于独特的优势位置,能够协助公司进入下一阶段的增长。



Neoen's growth is based on a strategy of geographic and technological diversification of its project portfolio, allowing it to create leading development capabilities across multiple core clean energy technologies. This has led to the Company strategically building global leadership positions in key markets while maintaining a balanced portfolio of contracted energy assets with complementary revenue profile characteristics.


Neoen的增长基于其项目组合的地理和技术多样化策略,使其在多个核心清洁能源技术领域创造领先的开发能力。这使得公司在关键市场上战略性地建立全球领导地位,同时保持合同能源资产的平衡组合,具有互补的收入特征。



As France's leading independent producer of exclusively renewable electricity, and Australia's overall leading renewable electricity producer, Neoen develops its own projects in-house, and arranges their contracting and financing as part of the project management process. After site commissioning, the Company operates, monitors and manages projects through their useful life.


作为法国领先的独立可再生电力生产商,以及澳大利亚整体领先的可再生电力生产商,Neoen在内部开发自己的项目,并作为项目管理过程的一部分,安排项目的合同和融资。现场调试后,公司通过整个生命周期运营、监控和管理项目。



Impala, controlled and managed by Mr. Jacques Veyrat, has been a cornerstone founder and investor of Neoen since 2008, supporting the Company's growth over the same period.


由雅克·维拉特先生控制和管理的Impala,自2008年以来一直是Neoen的基石创始人和投资者,在此期间支持公司的增长。



Since 2018, Neoen has grown from 2 GW to 8 GW of assets in operation or under construction, reaching a very significant scale of operations and development. Today, the Company has the opportunity to more than double this capacity by the end of the decade, potentially reaching between 15-20 GW of assets in operation or under construction over the same time period. To execute on this opportunity set, the Company would need to deploy substantial capital at pace. In this context, the Offeror has appeared to the Selling Shareholders (as such term is defined below) as a suitable majority shareholder, already among the world leaders in renewable energy, with the global operating capability and access to scale capital necessary to provide support for this next phase of growth of the Group.


自2018年以来,Neoen的资产运营或在建规模已从2 GW增长至8 GW,达到了非常显著的运营和开发规模。今天,公司有机会在十年底前将这种能力增加一倍,潜在地在同一时间段内达到15-20 GW的资产运营或在建规模。为了执行这一机会,公司需要快速部署大量资本。在这种情况下,出价方似乎向出售股东(如下文定义的术语)展现为合适的控股股东,已经是全球可再生能源领域的领导者,具备必要的全球运营能力和规模资本的获取,以支持该集团的下一阶段增长。



The Offeror has stated its support for the Company's management team and ambition to continue deploying renewables projects at scale, and looks forward to partnering in growing the business to meet the increasing demand for clean power globally.


要约人表示支持公司的管理团队和继续大规模部署可再生能源项目的雄心,并期待与其合作,发展业务以满足全球对清洁电力日益增长的需求。



On 30 May 2024 (the "

Announcement Date

"), the Offeror entered into a put option agreement with Impala, the Fonds Stratégique de Participation ("

FSP

")25F

26

, Cartusia and Mr. Xavier Barbaro (and his family members), Céleste Management SA26F

27

("

Céleste

") and Mosca Animation Participations et Conseil27F

28

("

Mosca

", together with Impala, the FSP, Cartusia and Mr. Xavier Barbaro (and his family members) and Céleste, the "

Selling Shareholders

") to acquire approximately a 53.32% shareholding in the Company at the Offer Price per Share.


在2024年5月30日("

公告日期

"),要约人与Impala、战略参与基金("

FSP

")25F

26

,Cartusia和Xavier Barbaro先生(及其家属),Celeste Management SA26F

27

("

塞莱斯特

") 和莫斯卡动画参与与咨询27F

28

("

莫斯卡

,与Impala,FSP,Cartusia和Xavier Barbaro先生(及其家属)以及塞莱斯特一起,

卖出股东

") to acquire approximately a 53.32% shareholding in the Company at the Offer Price per Share.



On 24 June 2024, following completion of the works council information and consultation process, and exercise of the put option by the Selling Shareholders, the Offeror, as purchaser, entered into a share purchase agreement (as amended on 19 December 2024) (the "

SPA

") with the Selling Shareholders, to acquire approximately 53.12%28F

29

of the Company at the Offer Price per Share (the "

Block Trade Acquisition

").


On 24 June 2024, following completion of the works council information and consultation process, and exercise of the put option by the Selling Shareholders, the Offeror, as purchaser, entered into a share purchase agreement (as amended on 19 December 2024) (the "

SPA

") with the Selling Shareholders, to acquire approximately 53.12%28F

29

of the Company at the Offer Price per Share (the "

Block Trade Acquisition

").



On the same day, the Offeror entered into an undertaking to tender with the FPCI FONDS ETI 202029F

30

(the "

BPI Tender Undertaking

") pursuant to which Bpifrance, acting on behalf of FPCI FONDS ETI 2020, undertakes to tender its 6,674,470 Shares (representing at such date 4.36% of the share capital and theoretical voting rights of the Company) into the Offer.


在同一天,出价方与FPCI FONDS ETI 202029F签订了提交承诺

30

(以下简称“

BPI 提交承诺

)根据该承诺,Bpifrance以FPCI FONDS ETI 2020的名义,承诺将其6,674,470股(截至该日期占公司股本和理论表决权的4.36%)提交给出价。



On 27 December 2024, following satisfaction of the condition precedents provided for under the SPA (i.e., see relevant regulatory approvals referred to in Section 1.1.6), and in accordance with the terms and conditions of the SPA, the Offeror completed the Block Trade Acquisition and acquired 81,197,100 Shares from the Selling Shareholders representing 81,197,100 theoretical voting rights (i.e. 53.12% of the share capital and theoretical voting rights of the Company)30F

31

.


在2024年12月27日,在满足SPA规定的前提条件后(即,参见第1.1.6节提到的相关监管批准),根据SPA的条款和条件,出价方完成了区块交易收购,并从出售股东处获得了81,197,100股,代表81,197,100个理论表决权(即公司股本和理论表决权的53.12%)30F

31

.



Because of the Block Trade Acquisition, the Offeror has exceeded the thresholds of 30% of the Company's share capital and voting rights and is required to file the Offer pursuant to the provisions of Article L. 433-3, I of the French Monetary and Financial Code and Article 234-2 of the AMF General Regulation.


由于区块交易收购,出价方已超过公司30%的股本和表决权的阈值,并需要根据法国货币与金融法典第L. 433-3条第I款和AMF一般规定第234-2条的规定提交要约。



1.1.3 Shareholding structure of the Company's share capital and voting rights


1.1.3 公司股本和表决权的股东结构



(c) Shareholding structure of the Company's share capital and voting rights before the Block Trade Acquisition


(c) 区块交易收购之前公司股本和表决权的股东结构



On the Announcement Date, to the knowledge of the Offeror, the share capital and voting rights of the Company were as follows:


在公告日期,根据出价方的了解,公司的股本和表决权如下:















































































































Shareholders



Number of Shares



Percentage of Shares



Number of theoretical voting rights



Percentage of theoretical voting rights


Impala

64,144,529

42.14

%

64,144,529

42.14

%

Cartusia

1,261,485

0.83

%

1,261,485

0.83

%

Mr. Xavier Barbaro and members of his family (directly or indirectly)

780,419

0.51

%

780,419

0.51

%


Total concert party



(1)




66,186,433


43.48

%


66,186,433


43.48

%

FSP

10,534,226

6.92

%

10,534,226

6.92

%

FPCI FONDS ETI 2020

6,674,470

4.39

%

6,674,470

4.39

%

Céleste

3,778,059

2.48

%

3,778,059

2.48

%

Mosca

835,977

0.55

%

835,977

0.55

%

Treasury shares

188,338

0.12

%

188,338

0.12

%

Free float

64,009,501

42.05

%

64,009,501

42.05

%


Total



152,207,004


100.00

%


152,207,004


100.00

%


股东



股票数量



股份百分比



理论投票权数量



理论投票权百分比


羚羊

64,144,529

42.14

%

64,144,529

42.14

%

卡图西亚

1,261,485

0.83

%

1,261,485

0.83

%

泽维尔·巴巴罗先生及其家族成员(直接或间接)

780,419

0.51

%

780,419

0.51

%


总协作方



(1)




66,186,433


43.48

%


66,186,433


43.48

%

FSP

10,534,226

6.92

%

10,534,226

6.92

%

FPCI 基金 ETI 2020

6,674,470

4.39

%

6,674,470

4.39

%

塞莱斯特

3,778,059

2.48

%

3,778,059

2.48

%

莫斯卡

835,977

0.55

%

835,977

0.55

%

库存股

188,338

0.12

%

188,338

0.12

%

自由流通股

64,009,501

42.05

%

64,009,501

42.05

%


总计



152,207,004


100.00

%


152,207,004


100.00

%



(1)


The concert party results from an agreement between shareholders Impala and Cartusia, the latter being a long-term investment vehicle held by Mr


.


Xavier Barbaro and the members of his family.


The concert has been terminated upon completion of the Block Trade Acquisition.



(1)


此次联合行动源于Impala和Cartusia两位股东之间达成的协议,后者是由Mr. Xavier Barbaro及其家族成员持有的长期投资工具。


.


Xavier Barbaro及其家族成员。


在完成块交易收购后,该联合行动已终止。



(d) Shareholding structure of the Company's share capital and voting rights as of the date of the Draft Offer Document


(d)截至草案要约文件日期,公司股本和投票权的股东结构



On the date of the Draft Offer Document, to the knowledge of the Offeror, following completion of the Block Trade Acquisition, the share capital and voting rights of the Company were as follows:


截至草案要约文件日期,依据要约人的知识,完成块交易收购后,公司股本和投票权如下:





























































































Shareholders



Number of Shares



Percentage of Shares



Number of theoretical voting rights



Percentage of theoretical voting rights


Brookfield Renewable Holdings

81,197,100

53.12

%

81,197,100

53.12

%

Aranda Investments

14,330

0.009

%

14,330

0.009

%

Xavier Barbaro and his holding companies31F

32


587,215

0.38

%

587,215

0.38

%

Romain Desrousseaux

452,340

0.30

%

452,340

0.30

%


Total concert


82,250,985

53.81

%

82,250,985

53.81

%

FPCI FONDS ETI 2020

6,674,470

4.37

%

6,674,470

4.37

%

Treasury shares

188,338

0.12

%

188,338

0.12

%

Free float

63,734,981

41.70

%

63,734,981

41.70

%


Total


152,848,774

100

%

152,848,774

100

%


股东



股票数量



股份比例



理论投票权数量



理论投票权的百分比


布鲁克菲尔德可再生能源控股

81,197,100

53.12

%

81,197,100

53.12

%

阿兰达投资

14,330

0.009

%

14,330

0.009

%

泽维尔·巴巴罗和他的控股公司31F

32


587,215

0.38

%

587,215

0.38

%

罗曼·德鲁塞

452,340

0.30

%

452,340

0.30

%


总演唱会


82,250,985

53.81

%

82,250,985

53.81

%

FPCI FONDS ETI 2020

6,674,470

4.37

%

6,674,470

4.37

%

库存股

188,338

0.12

%

188,338

0.12

%

自由流通股

63,734,981

41.70

%

63,734,981

41.70

%


总计


152,848,774

100

%

152,848,774

100

%


Neither the Offeror, nor any of the companies under its control or controlling it within the meaning of article L.233-3 of the French Commercial Code, held any Shares and OCEANEs, directly or indirectly, prior to the Block Trade Acquisition (see Section 1 for assimilated Shares held by Aranda Investments).


在区块交易收购之前,提供方及其控制的公司或被其控制的公司(根据法国商业法典第L.233-3条的定义)没有直接或间接持有任何股份和OCEANE(可转换债券)(参见第1节关于Aranda Investments持有的类似股份)。



1.1.4 Declarations of threshold crossing and of intentions


1.1.4 阈值穿越和意图声明



In accordance with Articles L. 233-7 et seq. of the French Commercial Code, pursuant to the declarations of threshold crossing dated 27 December 2024, the Offeror informed the AMF, following completion of the Block Trade Acquisition, that its interest in the Company, individually and in concert with Brookfield, Temasek, Mr. Xavier Barbaro (and Cartusia) and Mr. Romain Desrousseaux, has risen above the thresholds of 5%, 10%, 15%, 20%, 25%, 30%, 1/3, and 50% of the Company's share capital and voting rights, and stated its intentions.


根据法国商业法典第L. 233-7条及以下条款,依据2024年12月27日的阈值穿越声明,提供方在完成区块交易收购后,通知AMF,其在公司中的股份,与Brookfield、淡马锡、Xavier Barbaro先生(及Cartusia)和Romain Desrousseaux先生共同持有的股份,已超过公司股本和表决权的5%、10%、15%、20%、25%、30%、1/3和50%的阈值,并声明了其意图。



In accordance with Article 10 of the Company's by-laws, pursuant to the declarations of threshold crossing dated 27 December 2024, the Offeror informed the Company, following completion of the Block Trade Acquisition, that its interest in the Company, individually and in concert with Brookfield, Temasek, Mr. Xavier Barbaro (and Cartusia) and Mr. Romain Desrousseaux, has risen above the statutory thresholds of 1% of the Company's share capital or voting rights, and all multiple of this percentage, up to 53% of the share capital or voting rights of the Company.


根据公司章程第10条,依据2024年12月27日的阈值穿越声明,提供方在完成区块交易收购后,通知公司,其在公司中的股份,与Brookfield、淡马锡、Xavier Barbaro先生(及Cartusia)和Romain Desrousseaux先生共同持有的股份,已超过公司股本或表决权的法定阈值1%以及该百分比的所有倍数,最高可达公司股本或表决权的53%。



1.1.5 Acquisition of Shares by the Offeror during the last 12 months


1.1.5 要约方在过去12个月内的股份收购



Neither the Offeror nor any person acting in concert with the Offeror have acquired any Shares in the twelve (12) months preceding the filing of the Draft Offer Document at a price higher than the Offer Price per Share.


在草拟要约文件提交前的十二(12)个月内,既没有要约方也没有与要约方一致行动的任何人以高于每股要约价格的价格收购任何股份。



1.1.6 Regulatory administrative and antitrust approvals


1.1.6 监管行政和反垄断批准



The Offeror has obtained all relevant regulatory approvals required to complete the Block Trade Acquisition, including the following antitrust and foreign direct investment clearances in the following jurisdictions:


要约方已获得完成区块交易收购所需的所有相关监管批准,包括以下司法管辖区的反垄断和外国直接投资清算:



  • Antitrust clearances: Australia, Canada, Finland, France, Germany, Ireland, Mexico and Zambia.

  • Foreign direct investment clearances: Australia, Finland, France and Sweden32F

    33

    .

  • 反垄断清算:澳大利亚、加拿大、芬兰、法国、德国、爱尔兰、墨西哥和赞比亚。

  • 外国直接投资清算:澳大利亚、芬兰、法国和瑞典32F

    33

    .


The antitrust clearance from the Australian Competition and Consumer Commission was obtained on 31 October 2024 subject to the divestments detailed in Section 1.2.6.


澳大利亚竞争与消费者委员会于2024年10月31日获得了反垄断许可,前提是按照1.2.6节中详细说明的剥离措施执行。



1.1 Intentions of the Offeror for the next twelve months


1.1 要约方在接下来十二个月的意图



1.1.7 Industrial, commercial and financial strategy


1.1.7 工业、商业和金融策略



Brookfield Renewable Holdings' intention is to operate Neoen as a standalone portfolio company led by the existing management team, with its own balance sheet and budget, while benefiting from the full support of Brookfield's global renewable power and transition platform and asset management capabilities.


布鲁克菲尔德可再生能源控股的意图是将Neoen作为一个独立的投资组合公司运营,由现有管理团队领导,拥有自己的资产负债表和预算,同时享受布鲁克菲尔德全球可再生电力和转型平台及资产管理能力的全面支持。



Brookfield Renewable Holdings is supportive of the Company's existing strategy with respect to countries and technologies, as well as general approach to contracting.


布鲁克菲尔德可再生能源控股支持公司在各国和技术方面的现有策略,以及在合同方面的整体做法。



As part of this strategy, Brookfield Renewable Holdings intends to continue the ongoing disposal of assets in non-core jurisdictions in Africa and Latin America, including in Jamaica and Zambia, in order to allocate more resources and focus on core assets and regions where Brookfield Renewable Holdings sees the most potential for value creation. Any expansion beyond the current footprint would be assessed on a case-by-case basis.


作为这一策略的一部分,布鲁克菲尔德可再生能源控股计划继续在非核心市场中处置资产,包括在牙买加和赞比亚,以便分配更多资源并专注于布鲁克菲尔德可再生能源控股认为具有最大价值创造潜力的核心资产和地区。任何超出当前市场范围的扩展将基于具体情况进行评估。



Today, Neoen pursues farm-downs with a communicated limit of no more than 20% of the annual capacity increase in the secured portfolio, and no more than 20% contribution of annual reported EBITDA as per the Company's annual financial report. Farm-downs are primarily executed once development projects are taken through construction and have reached commercial operations. Brookfield Renewable Holdings intends to maintain the Company's existing farm-down strategy, but would retain the flexibility to exceed any such previously communicated limit, and to pursue farm-downs of larger portfolios and Company assets on a regional basis. The amount of farm-downs will be assessed based on the future capital requirements of the Company to fund growth, amongst other considerations.


今日,Neoen追求的资产剥离的上限为已获得的投资组合年度产能增加的20%以内,且公司的年度财务报告中报告的EBITDA贡献不超过20%。资产剥离主要在开发项目经过施工并达到商业运营后执行。布鲁克菲尔德可再生能源控股计划保持公司的现有资产剥离策略,但保留超过任何之前沟通的限制的灵活性,且在区域基础上追求更大投资组合和公司资产的资产剥离。资产剥离的金额将根据公司未来的资本需求以支持增长进行评估,以及其他考虑因素。



Brookfield Renewable Holdings also intends to support the Company's debt capital markets strategy, and gradually expand the corporate financing facilities over time as the business grows.


布鲁克菲尔德可再生能源控股还计划支持公司的债务资本市场策略,并随着业务发展逐步扩展企业融资设施。



1.1.8 Intentions regarding employment


1.1.8 关于雇佣的意向



The Offer is part of an ongoing growth strategy with respect to Neoen and should not have any particular impact on the Group's workforce and human resources management policies, nor on the working conditions of employees or their collective or individual status. In particular, Brookfield Renewable Holdings intends to rely, preserve and develop the talent and know-how of the Group's workforce in order to continue the development and growth of the Group.


该提议是针对Neoen的持续增长策略的一部分,不应对集团的员工和人力资源管理政策、员工的工作条件或其集体或个人身份产生任何特别影响。特别是,布鲁克菲尔德可再生能源持有公司打算依靠、保留和发展集团员工的才能和专业知识,以便继续推动集团的发展和增长。



Brookfield Renewable Holdings intends to maintain and keep the Company's workforce to implement this strategy and is not considering any substantial changes in the way and the locations where the Group operates.


布鲁克菲尔德可再生能源持有公司打算维持并保留公司的员工以实施这一策略,没有考虑在集团运营的方式和地点上进行任何重大改变。



1.1.9 Composition of the Company's governing bodies and management


1.1.9 公司治理机构和管理层的组成



The board of directors of the Company currently comprises seven (7) directors, three (3) of which represent Brookfield Renewable Holdings and have been co-opted as directors on the date of completion of the Block Trade Acquisition in replacement of the resigning directors representing the Selling Shareholders. Under the BPI Tender Undertaking, Bpifrance has undertaken to cause its representative at the board of directors to resign from her position upon having tendered its Shares into the Offer and Brookfield Renewable Holdings intends to request the co-optation of an additional representative at the board of directors of the Company at this time.


公司的董事会目前由七(7)名董事组成,其中三(3)名代表布鲁克菲尔德可再生能源持有公司,并在出售股东辞职时,已于区块交易收购完成之日被协同任命为董事。根据BPI要约承诺,Bpifrance已承诺在其将其股份投标进入该要约后,促使其在董事会的代表辞去职位,并且布鲁克菲尔德可再生能源持有公司打算此时请求在公司的董事会中额外合作一名代表。



Subject to the success of the Offer, the Offeror may further modify the composition of the board of directors of the Company to reflect its new shareholding structure.


在要约成功的情况下,要约方可能会进一步调整公司的董事会组成,以反映其新的股权结构。



Should the Offer be followed by a Squeeze-Out, it will result in the delisting of the Shares and/or the OCEANEs from Euronext Paris and/or Euronext Access. If so, further changes in the composition of the Company's corporate bodies may be envisaged.


如果该要约之后进行强制性收购,将导致股份和/或OCEANEs在巴黎泛欧交易所和/或泛欧接入市场下市。如果是这样,可能会想象到公司的各项企业机构组成的进一步变化。



Brookfield Renewable Holdings intends to rely on the current management team in place and fully supports the Company's strategy and current operations. Should the Squeeze-Out be implemented and the Company be delisted, it is envisaged that the current CEO and Deputy CEO of the Company resign from their current corporate offices within the Company and have, directly or indirectly, executive positions within the Offeror's acquisition structure (including within the Offeror).


布鲁克菲尔德可再生能源持有公司打算依靠当前的管理团队,并全力支持公司的战略和当前运营。如果实施强制性收购且公司被下市,预计公司的现任首席执行官和副首席执行官将辞去公司内的当前职务,并在要约方的收购结构中直接或间接担任执行职务(包括在要约方内)。



1.1.10 Interest of the Offer for the Offeror, the Company and its shareholders


1.1.10 对于出价人、公司及其股东的出价利益



As indicated in Section 1.1.2, the Offeror regards Neoen as a high-quality global developer and operator of renewable assets, and believes that the Group would represent a complementary addition to Brookfield's existing renewable power and transition portfolio. The Offeror believes it is uniquely positioned to assist the Company in the next stage of its growth, from a commercial and financial perspective.


如第1.1.2节所示,出价人将Neoen视为一家高质量的全球可再生资产开发和运营商,并认为该集团将成为布鲁克菲尔德现有可再生能源和转型投资组合的互补补充。出价人相信,它在商业和财务方面独特地处于帮助公司进入下一个成长阶段的地位。



The Offer will allow the minority shareholders of the Company and holders of OCEANEs to achieve immediate and full liquidity of their Shares and OCEANEs:


此次出价将使公司的少数股东和OCEANE持有人实现其股份和OCEANE的即时和完全流动性:



  • the Offer Price per Share represents a 26.9% premium over the last closing price of the Shares on the Announcement Date and premia of 40.3% and 43.5% over the 3-month and 6-month volume-weighted average price ("

    VWAP

    ") respectively, as well as significant premia on the other valuation criteria; and

  • the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE are aligned with the prices resulting from the adjustment provisions of the OCEANEs in case of Change of Control (as such term is defined in the terms and conditions of the OCEANEs).

  • 每股出价相较于公告日最后收盘价溢价26.9%,相较于3个月和6个月的成交量加权平均价溢价40.3%和43.5%("

    VWAP

    )分别以及在其他估值标准上的显著溢价;以及

  • 2020年的OCEANE的出价和2022年OCEANE的出价与在控制变更的情况下OCEANE调整条款所产生的价格保持一致(该术语在OCEANE的条款和条件中定义)。


The summary assessment of the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE is provided in Section 3 of this Press Release.


每股出价、2020年OCEANE出价和2022年OCEANE出价的摘要评估见本新闻稿第3节。



An independent expert has reviewed the fairness of the financial terms of the Offer. This fairness opinion will be reproduced in its entirety in the draft response document that will be published by Neoen together with the reasoned opinion of the Company's board of directors.


一位独立专家已审查了要约的财务条款的公平性。这份公平意见将完整地复制在Neoen将与公司董事会的理由意见一起发布的草案回应文件中。



1.1.11 Synergies – Economic gains


1.1.11 协同效应 - 经济收益



The Offeror is a company incorporated in France, whose corporate purpose is to acquire, manage and hold stakes in the share capital and voting rights of French and foreign companies. The Offeror, which does not have any stake in other companies, does not anticipate the realization of cost or revenue synergies with the Company following the completion of the Offer.


要约方是一家在法国注册的公司,其公司宗旨是收购、管理和持有法国和外国公司的股份及表决权。要约方并没有其他公司的股份,预计在要约完成后与公司实现成本或收入协同效应。



1.1.12 Intentions regarding a potential merger or legal reorganization


1.1.12 关于潜在合并或法律重组的意图



The Offeror does not intend to merge with the Company.


要约方不打算与公司合并。



For the purpose of obtaining the antitrust clearance from the Australian Competition and Consumer Commission as part of the Block Trade Acquisition (described in Section 1.1.6=, the Offeror has agreed to divest the entire portfolio of assets and projects in the State of Victoria, Australia, which includes 652 MW33F

34

of assets in operation and approximately 2.8 GW of projects in development (the "

Victorian Assets

"). The Company has entered into an agreement with HMC, an alternative asset manager listed on the Australian Stock Exchange, for the sale of its Victorian Assets (the "

HMC Transaction

"), with an intended completion date as at 1 July 2025.


为了获得澳大利亚竞争与消费者委员会的反垄断批准,作为区块交易收购的一部分(如第1.1.6节所述),要约方已同意剥离在澳大利亚维多利亚州的全部资产和项目组合,包括652 MW33F

34

的运营资产和大约2.8 GW的开发项目("

维多利亚资产

该公司已与HMC达成协议,HMC是一家在澳大利亚证券交易所上市的另类资产管理公司,出售其维多利亚资产("

HMC交易

的预期完成日期为2025年7月1日。



Subject to the implementation of the Squeeze-Out and the delisting, the Australian business assets (including the Victorian Assets to the extent closing of the HMC Transaction would not have already occurred) would undergo an internal reorganisation within the group controlled by Holdco driven by commercial and strategic preferences to move towards transferring assets into separately managed hubs.


在实施强制驱逐和退市的情况下,澳大利亚业务资产(包括维多利亚资产,前提是HMC交易的关闭尚未发生)将根据控股公司控制的集团内的商业和战略偏好,进行内部重组,以便将资产转移到单独管理的中心。



Additional post-closing of the Offer corporate restructuring steps of a purely capitalistic nature may be decided and implemented in order in particular to facilitate the optimization of Neoen's debt facilities.


在此背景下,如实施强制驱逐和公司退市,可能会考虑公司当前的公司形式发生变化。



In that context, should the Squeeze-Out and the delisting of the Company be implemented, a change in the current corporate form of the Company may be envisaged.


所有这些企业重组不会对Neoen的运营或员工产生任何影响。当有需要时,将根据适用法律告知和/或咨询相关员工代表机构。



All such corporate reorganizations would not have any impact on Neoen's operations or workforce. Relevant staff representative bodies would be informed and/or consulted, as and when required, in accordance with applicable laws.


对于结束后发行的相关企业重组步骤,可以决定并实施纯粹资本性质的步骤,特别是为了便利Neoen债务融资设施的优化。



However, the Offeror reserves the right to proceed with any subsequent changes in the organization of the Group, the Company, or of other entities of the Group, especially that are necessary to implement the strategy described in Section 1.2.1.


然而,报价方保留对集团、公司或其他集团实体的组织进行后续变更的权利,尤其是实施第1.2.1节中所述策略所必需的变更。



The Offeror further intends to propose to the 2025 annual shareholders' meeting of the Company to be held before 30 June 2025, to approve the deletion of the double voting rights attached to shares registered in "pure" registered form for more than two years (previously approved in 2023 and provided for in Article 11 of the Company's by-laws).


报价方还打算向计划在2025年6月30日前召开的公司的2025年年度股东大会提议,批准删除在"纯粹"注册形式下注册超过两年的股份的双重投票权(2023年已批准,并在公司章程第11条中规定)。



1.1.13 Intentions regarding the implementation of a squeeze-out and a delisting of the Company following the Offer


1.1.13 关于实施强迫退市和公司退市的意图



In the event that the number of Shares not tendered to the Offer by the minority shareholders of the Company (excluding treasury Shares held by the Company and Shares covered (or that will be covered) by Liquidity Agreements but including the PEE Unavailable Shares and the 2023 Accelerated Free Shares) does not represent more than 10% of the share capital and voting rights of the Company following the Offer, Brookfield Renewable Holdings intends to implement, at the latest within three (3) months following the closing of the Offer, in accordance with Articles L. 433- 4 II of the French Monetary and Financial Code and 237-1 et seq. of the AMF General Regulation, a Squeeze-Out procedure in order to transfer the Shares not tendered to the Offer (excluding treasury Shares held by the Company and Shares covered (or that will be covered) by Liquidity Agreements, but including the PEE Unavailable Shares and the 2023 Accelerated Free Shares) in exchange for compensation equal to the Offer Price per Share. The implementation of this procedure will result in the delisting of the Shares from Euronext Paris.


如果公司少数股东未向该报价提出的股份(不包括公司持有的库存股份和根据流动性协议所涵盖的股份,但包括PEE不可用股份和2023年加速自由股份)不超过公司股份资本和投票权的10%,则Brookfield Renewable Holdings打算在报价结束后的三(3)个月内,根据法国货币和金融法典第L. 433-4 II条和AMF一般规定第237-1条及以下条款,实施强迫退市程序,以便将未向报价提出的股份(不包括公司持有的库存股份和根据流动性协议所涵盖的股份,但包括PEE不可用股份和2023年加速自由股份)以每股报价等值的补偿进行转移。实施此程序将导致在巴黎泛欧交易所退市。



In addition, in the event that the number of Shares not tendered to the Offer by the minority shareholders of the Company (excluding treasury Shares held by the Company and Shares covered (or that will be covered) by Liquidity Agreements but including the PEE Unavailable Shares and the 2023 Accelerated Free Shares) and the number of Shares that may be issued following the conversion of the OCEANEs not tendered in the Offer do not represent more than 10% of the sum of the existing Shares and the Shares that may be issued as a result of the conversion of the OCEANEs following the Offer34F

35

, Brookfield Renewable Holdings also intends to implement, at the latest within three (3) months following the closing of the Offer, in accordance with Articles L. 433-4 III of the French Monetary and Financial Code and 237-1 et seq of the AMF General Regulation, a Squeeze-Out procedure in order to transfer the OCEANEs not tendered to the Offer in exchange for compensation equal to the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE. The implementation of this procedure will result in the delisting of the OCEANEs from Euronext Access.


此外,如果公司少数股东未向该报价提出的股份(不包括公司持有的库存股份和根据流动性协议所涵盖的股份,但包括PEE不可用股份和2023年加速自由股份)以及因未向该报价提出的OCEANE转换而可能发行的股份的数量不超过现有股份和因OCEANE转换可能发行的股份总和的10%。

35

布鲁克菲尔德可再生能源控股公司还打算根据法国《货币和金融法典》第L. 433-4 III条和AMF一般法规第237-1及以下条款,在招标关闭后最迟三(3)个月内实施挤压程序,以便将未提交招标的OCEANE转移,作为补偿,每2020年OCEANE和每2022年OCEANE的招标价格相等。实施该程序将导致OCEANE从Euronext Access退市。



In accordance with the terms and conditions of the OCEANEs, the Company may, at its discretion and at any time, but subject to giving at least 30 calendar days' notice (and a maximum of 90 calendar days), redeem at par plus accrued interest all of the relevant remaining outstanding OCEANEs, if they represent less than 15% of the number of the 2020 OCEANEs issued with respect to the 2020 OCEANEs and if they represent less than 20% of the number of the 2022 OCEANEs issued with respect to the 2022 OCEANEs (the "

Early Redemption Option

").


根据OCEANE的条款和条件,公司可自行决定并在任何时间赎回所有相关的剩余未偿OCEANE,但须提前至少30个日历日通知(最多90个日历日),如果这些OCEANE的数量少于2020年OCEANE发行量的15%,并且如果它们的数量少于2022年OCEANE发行量的20%("

提前赎回选项

").



In the event that the conditions required to implement a Squeeze-Out for the Shares are met, but the conditions required to implement a squeeze-out for the OCEANEs are not met, Brookfield Renewable Holdings intends to implement a Squeeze-Out for the Shares under the conditions set out above, subject to the Company being able to exercise the Early Redemption Option in due course (it being specified that Brookfield Renewable Holdings reserves the right to waive this condition). Holders of OCEANEs will, however, retain the right to exercise their right to the allocation of Shares up to and including the 7

th

business day35F

36

preceding the date set for early redemption. The conversion/exchange ratios shall be equal to the relevant conversion/exchange ratio if the allocation right is exercised during the Adjustment Period (as defined below), or equal to the relevant conversion/exchange ratios in force outside of the Adjustment Period (as defined below) and indicated in Section 2.6.


如果满足实施股份挤压的条件,但不满足实施OCEANE挤压的条件,布鲁克菲尔德可再生能源控股公司打算根据上述条件实施股份挤压,前提是公司能够在适当的情况下行使提前赎回选项(须说明布鲁克菲尔德可再生能源控股公司保留放弃此条件的权利)。然而,OCEANE持有人仍然保留在7之前及包括7的股份分配权。

th

工作日35F

36

在设定的提前赎回日期之前,如果在调整期内(如下定义)行使分配权,则转换/交换比率应等于相关的转换/交换比率;否则,在调整期外(如下定义)适用的相关转换/交换比率应等于第2.6节中所示的比率。



In the event that the Offeror is not in a position, following the Offer, to implement a squeeze-out under the above-mentioned conditions, it reserves the right to file a public tender offer followed, if applicable, by a squeeze-out for the Shares and/or OCEANEs it does not hold directly or indirectly, alone or in concert at that date. In this context, the Offeror does not exclude increasing its interest in the Company after the end of the Offer (directly or indirectly, through the acquisition of Shares or OCEANEs or otherwise) and prior to the filing of a new offer in accordance with the applicable legal and regulatory provisions. In this case, the public tender offer will be subject to the control of the AMF, which will rule on its conformity in light of the independent expert's report to be appointed in accordance with the provisions of Article 261-1 I and II of the AMF General Regulation.


如果要约人未能在上述条件下实施挤压买断,它保留在要约后提交公开投标的权利,并在适用的情况下,对其不直接或间接持有的股票和/或可转换债券进行挤压买断。在此背景下,要约人不排除在要约结束后(直接或间接,通过收购股票或可转换债券或其他方式)增加其在公司的股份,并在按照相关法律和监管规定提交新要约之前。在这种情况下,公开投标将受AMF的控制,AMF将根据独立专家报告的合规性进行裁定,独立专家报告将按照AMF一般条例第261-1 I和II条的规定进行任命。



The Offeror reserves the right, following the acquisition of OCEANEs, to exercise any right available to it in accordance with the terms and conditions of the OCEANEs. The Offeror also reserves the right to cause the Company to exercise any right available to it in accordance with the terms and conditions of the OCEANEs.


要约人在收购可转换债券后保留根据可转换债券的条款和条件行使任何可用权利的权利。要约人还保留促使公司根据可转换债券的条款和条件行使任何可用权利的权利。



1.1.14 Company's dividend distribution policy


1.1.14 公司的分红分配政策



Following the Offer, the Company's dividend policy will continue to be determined by its corporate bodies based on Company's distributive capacity, financial situation and financial needs, in compliance with any applicable regulatory requirements.


在要约结束后,公司的分红政策将继续由其公司机构根据公司的分配能力、财务状况和财务需求进行确定,并遵守任何适用的监管要求。



1.2 Agreements that may have a significant impact on the assessment or outcome of the Offer


1.2 可能对要约的评估或结果产生重大影响的协议



1.2.15 BPI's undertaking to tender its Shares in the Offer


1.2.15 BPI承诺在要约中出让其股份



As indicated in Section 1.1.2, on 24 June 2024, Brookfield Renewable Holdings entered into the BPI Tender Undertaking with Bpifrance pursuant to which Bpifrance undertakes to tender its 6,674,470 Shares (representing at such date 4.36% of the share capital and theoretical voting rights of the Company) into the Offer (the "

BPI Shares

"). The BPI Shares which are the subject of this BPI Tender Undertaking will be tendered to the Offer at the Offer Price per Share.


如第1.1.2节所述,于2024年6月24日,Brookfield Renewable Holdings与Bpifrance签订了BPI投标承诺,Bpifrance承诺将其6,674,470股股份(在该日期代表公司4.36%的股份资本和理论投票权)提交给要约("

BPI股份

)。根据该BPI投标承诺,BPI股份将在每股的要约价格下提交给要约。



Bpifrance has notably undertaken to keep the free and full property of the BPI Shares until the date upon which it will tender the BPI Shares to the Offer, not to encumber them with any right or any engagement whatsoever and not to transfer title to the BPI Shares, enter into any agreement with, or give any undertaking to, a third party to transfer or restrict the ownership of, or rights in, the BPI Shares, nor grant any rights whatsoever over the BPI Shares in favour of a third party.


Bpifrance特别承诺在其将BPI股份提交给要约之前,保持对BPI股份的自由和完全所有权,不得以任何权利或任何承诺对其进行抵押,也不得转让对BPI股份的所有权,亦不得与任何第三方签订任何协议,或向其做出任何承诺以转让或限制对BPI股份的所有权或权益,也不得向任何第三方授予对BPI股份的任何权利。



Under the BPI Tender Undertaking, Bpifrance has agreed to cause its representative at the board of directors of the Company to resign from her position upon having tendered its Shares into the Offer (see also Section 1.2.3).


根据BPI投标承诺,Bpifrance已同意在其将股份提交给要约后,促使其在公司董事会的代表辞去职务(另见第1.2.3节)。



The undertaking of Bpifrance is notably subject to the Offer being cleared by the AMF. This undertaking may be terminated by Bpifrance in the event, cumulatively, (i) of a competing offer filed by a third party which would be cleared by the AMF and (ii) (A) in the absence of an improved offer by the Offeror that is declared compliant (

conforme

) by the AMF or (B) in case of withdrawal of the Offer by the Offeror in accordance with article 232-11 of the AMF General Regulations.


Bpifrance的承诺显然取决于要约获得AMF的批准。Bpifrance可在符合以下条件时终止该承诺,(i)第三方提交的竞争性要约获得AMF的批准,并且(ii)(A)在要约方未提出被宣布符合(

遵循

)的改善要约的情况下,或(B)在要约方根据AMF通用规定第232-11条撤回要约的情况下。



The Offeror and Bpifrance are not acting in concert.


报价方和Bpifrance并未联合行动。



1.2.16 Reinvestment of the managers


1.2.16 管理者的再投资



(e) Description of the Reinvestment Plan and the Synthetic Share Plan


(e) 再投资计划和合成股份计划的描述



Brookfield Renewable Holdings and Cartusia have entered into a reinvestment agreement on 27 December 2024, (the "

Reinvestment Agreement

"), in order to set out the main provision of (i) the reinvestment plan that should be put in place at the level of BRHL UK MidCo Limited36F

37

("

BRHL Midco

"), an intermediary holding vehicle wholly owned by Holdco, which in turn indirectly wholly-owns Brookfield Renewable Holdings, for the benefit of certain executives and corporate officers of the Group, including Mr. Xavier Barbaro (acting as legal representative of Cartusia) and Mr. Romain Desrousseaux (the "

Managers

") (the "

Reinvestment Plan

") and (ii) the synthetic share plan that should be put in place for the benefit of the Managers (the "

Synthetic Share Plan

"), in each case, following the closing of the Offer. In the context of the Reinvestment Plan, the Managers will enter into or adhere to a shareholders' agreement in respect of BRHL Midco, which will reflect the terms of the Reinvestment Agreement (the "

BRHL Midco


SHA

").


Brookfield Renewable Holdings和Cartusia于2024年12月27日签署了一份再投资协议,("

再投资协议

"),以便阐明(i)应在BRHL Uk MidCo Limited36F层面实施的再投资计划的主要条款

37

("

BRHL Midco

)是一个由Holdco全资拥有的中介控股公司,Holdco间接全资拥有Brookfield Renewable Holdings,为集团某些高管和企业官员的利益服务,包括Xavier Barbaro先生(作为Cartusia的法律代表)和Romain Desrousseaux先生("

管理者

)(的"

再投资计划

)以及应为经理们的利益而建立的合成股份计划("

合成股份计划

),在要约结束后,每种情况下,经理们将签署或遵守关于BRHL Midco的股东协议,该协议将反映再投资协议的条款("

BRHL Midco


SHA

").



The Reinvestment Plan includes:


再投资计划包括:




  1. an investment by certain Managers in ordinary shares of the BRHL Midco,

    pari passu

    with BRHL UK Topco Limited37F

    38

    ("

    BRHL Topco

    "), being an intermediate vehicle wholly-owned by Holdco and shareholder of BRHL Midco, financed by the use of all or part of their Shares proceeds received as part of the Block Trade Acquisition, the Offer or resulting from the contribution in kind of their Shares at the Offer Price per Share to BRHL Midco; and


  2. the free grant to certain Managers of ordinary shares of BRHL Midco, as part of a new retention plan in cash (see Section 2.4).


  1. 某些管理人员对BRHL Midco普通股的投资,

    同等并列

    与BRHL Uk Topco Limited37F

    38

    ("

    BRHL Topco

    经过作为BRHL Midco股东的Holdco全资拥有的中介工具, 通过使用在区块交易收购、要约中收到的所有或部分股份收益或以每股要约价格向BRHL Midco贡献股份形式的实物出资进行融资;


  2. 作为新现金留任计划的一部分,向某些管理者无偿赠送BRHL Midco的普通股(见第2.4节)。



The ordinary shares issued by BRHL Midco will be subscribed for at market value, as the case may be, determined by an expert.


BRHL Midco发行的普通股将以市场价值认购,具体情况下由专家判断。



The Synthetic Share Plan would consist of bonus payments to the Managers, for an amount corresponding to the notional value attached to synthetic shares (the "

Synthetic Shares

") awarded to them, as follows:


合成股计划将包括为管理者支付的奖金,金额对应于附加于合成股的名义价值("

合成股

)授予他们,具体如下:




  1. the Synthetic Share Plan provides for a linear vesting of the Synthetic Shares over a period of five years (with customary accelerated vesting provisions);


  2. the notional value of the Synthetic Shares is based on the capital gain realized by BRHL Topco on its investment in BRHL Midco above a certain hurdle rate, upon the occurrence of (i) a termination of duties of a Manager, (ii) a listing of a company of the Group, (iii) a direct or indirect transfer of shares in BRHL Midco, (iv) a winding-up of BRHL Midco or (v) a significant dividend distribution by BRHL Midco (an "

    Exit

    ").


  1. 合成股票计划规定合成股票在五年内线性归属(包含惯常的加速归属条款);


  2. 合成股票的名义价值基于BRHL Topco在其对BRHL Midco的投资上实现的资本增值,超过某一障碍率,发生以下情况时:(i) 经理职务终止,(ii) 集团公司的上市,(iii) 对BRHL Midco股票的直接或间接转让,(iv) BRHL Midco清算或(v) BRHL Midco的重大分红分配(即"

    退出

    ").



(f) Reinvestment of CEO and Deputy CEO


(f) CEO和副CEO的再投资



Cartusia (in accordance with the terms of the Reinvestment Agreement) has committed to reinvest in cash at the level of BRHL Midco, by way of subscription to ordinary shares of BRHL Midco, for an aggregate reinvestment amount of EUR 25 million.


Cartusia(根据再投资协议的条款)已承诺以现金在BRHL Midco的层面再投资,通过认购BRHL Midco的普通股,合计再投资金额为EUR 2500万。



In accordance with the reinvestment agreement entered into on 27 December 2024 between Brookfield Renewable Holdings and Mr. Romain Desrousseaux, the latter has the option to reinvest a maximum total amount of approximately EUR 6.2 million, which may be carried out directly or indirectly, by way of a contribution in kind of all or part of the RD Shares That May Be Tendered at the Offer Price per Share or by way of a cash contribution.


根据2024年12月27日Brookfield Renewable Holdings与Romain Desrousseaux先生签署的再投资协议,后者有权将最高总额约为EUR 620万进行再投资,该再投资可以直接或间接进行,方式为以实物形式贡献全部或部分可在出价每股价格下进行的RD股份,或以现金形式贡献。



(g) Description of BRHL Midco SHA – Transfers of securities and liquidity


(g) BRHL Midco SHA的描述 - 证券转让和流动性



The following provisions shall be applicable to transfers of BRHL Midco securities:


以下条款适用于BRHL Midco证券的转让:



  • Pre-emption right of BRHL Topco: BRHL Topco shall benefit from a pre-emption right in the event of a transfer by a Manager of his/her securities in BRHL Midco other than a customary free transfer, unless such transfer has been approved by BRHL Topco.

  • Drag along right of BRHL Topco: in the event BRHL Topco receives an offer from a third party for the acquisition of a majority of the share capital of BRHL Midco, BRHL Topco shall have the right to cause the Managers to sell 100% of their BRHL MidCo securities.

  • Tag along right:

    • Proportional tag along right: in the event of any direct or indirect transfer of BRHL Midco securities to a third party other than a customary free transfer, the Managers may require to sell the same proportion of BRHL Midco securities to such third party.

    • Total tag along right: in the event of any direct or indirect transfer of BRHL Midco securities to a third party that would result in either (i) such third party holding more than 50% of the BRHL Midco securities other than in connection with a customary free transfer, or (ii) BRHL Topco or its affiliates ceasing to control BRHL Midco, the Managers may require to sell all their BRHL Midco securities to such third party.


  • BRHL Topco的优先权:在管理者转让其在BRHL Midco的证券时,除非该转让已获得BRHL Topco的批准,否则BRHL Topco享有优先权,且该转让应为非传统的自由转让。

  • BRHL Topco的拖带权:如果BRHL Topco收到第三方收购BRHL Midco大部分股本的报价,BRHL Topco有权要求管理者出售100%的BRHL MidCo证券。

  • 随行权:

    • 比例随行权:在任何直接或间接将BRHL Midco证券转让给第三方的情况下,除非为传统的自由转让,管理者可要求按相同比例向该第三方出售BRHL Midco证券。

    • 总随行权:在任何直接或间接将BRHL Midco证券转让给第三方的情况下,如果导致(i)该第三方持有BRHL Midco证券超过50%,且该转让不涉及传统的自由转让,或(ii)BRHL Topco或其关联公司不再控制BRHL Midco,管理者可要求将所有BRHL Midco证券出售给该第三方。



Managers will ultimately benefit from liquidity rights on a portion of the BRHL Midco securities they own in the form of a put option granted by BRHL Topco to each Manager (the "

Liquidity Put Option

"). The exercise price of the Liquidity Put Option will be based on the market value of 100% BRHL Midco securities, as determined based on the most recent quarterly valuation of the Group as set out in reporting to BRHL Topco's ultimate investors or, in case of disagreement, by an independent expert.


管理者最终将受益于其拥有的部分BRHL Midco证券的流动权利,这以BRHL Topco授予每个管理者的看跌期权的形式体现(即“

流动看跌期权”

流动性看跌期权的行使价格将基于100% BRHL Midco证券的市场价值,按照向BRHL Topco最终投资者报告中列出的集团最近一次季度估值确定,或在发生争议时,由独立专家来确定。



1.2.17 Liquidity Agreements


1.2.17 流动性协议



The Offeror has offered to the beneficiaries of Unavailable Free Shares, Managers Unavailable Shares (as defined below) and/or Unavailable Holding Shares (together the "

Unavailable Shares

") (the "

Holders of Unavailable Shares

") to enter into commitments to buy and sell their Unavailable Shares in order to enable them to benefit from cash liquidity for the Shares that could not be tendered to the Offer or acquired in the Squeeze-Out (the "

Liquidity Agreement

").


要约方已向不可用的自由股份受益人、管理人员不可用股份(如下定义)和/或不可用持有股份提供了要约(统称为“

不可用股份

)(的"

不可用股份持有者

)进入承诺买卖其不可用股份的协议,以便使其能够享受到未能申请要约或在强制收购中未能获得的股份的现金流动性(“

流动性协议

").



With respect to the Unavailable Free Shares and Managers Unavailable Shares held by Mr. Romain Desrousseaux, in accordance with the Liquidity Agreement, if an Event of Liquidity Default (as defined below) occurs, the Offeror will have a call option (the "

Call Option

"), pursuant to which each Holder of Unavailable Shares irrevocably undertakes to sell to the Offeror its Unavailable Shares at the request of the Offeror at any time during twenty (20) calendar days starting on the sending date of a notice informing each Holder of Unavailable Shares of the availability date of the relevant Unavailable Shares (being specified that such notice shall be sent at the latest five (5) business days as from the availability date of the relevant Unavailable Shares) (the "

Call Option Period

") and, in the absence of exercise of the Call Option during the Call Option Period, Holders of Unavailable Shares will have a put option against the Offeror, pursuant to which the Offeror irrevocably undertakes to acquire from the holder its Unavailable Shares, at any time during a period of sixty (60) calendar days starting on the first business day following the expiry of the Call Option Period (the "

Put Option

", together with the Call Option, the "

Options

").


关于Romain Desrousseaux先生持有的不可用自由股份和管理者不可用股份,根据流动性协议,如果发生流动性违约事件(如下所定义),出价方将拥有一个看涨期权("

看涨期权

),根据该期权,任何不可用股份的持有者不可撤销地承诺在出价方的要求下,在发送通知的日期起的二十(20)个自然日内,随时将其不可用股份卖给出价方,该通知告知每位不可用股份持有人相关不可用股份的可用日期(指定该通知必须在相关不可用股份的可用日期起的最迟五(5)个工作日内发送)("

看涨期权期限

)及在看涨期权期限内未行使看涨期权的情况下,不可用股份的持有者将拥有一个看跌期权,对出价方提出,根据该期权,出价方不可撤销地承诺自持有者处收购其不可用股份,在看涨期权期限届满后的第一个工作日起的六十(60)个自然日内的任何时间("

看跌期权

,与看涨期权一同,"

选项

").



An "Event of Liquidity Default" means:


“流动性违约事件”是指:



  • a Squeeze-Out has been implemented by the Offeror, or,

  • the Offeror holds more than 90% of the share capital or voting rights of the Company and the Offeror has not requested to the AMF that a Squeeze-Out be implemented; or

  • the average volume of the Company's shares traded each day over the past twenty (20) trading days is less than 0.055% of the Company's share capital, on the basis of the information published by Euronext Paris.

  • 旨在实施的强制退市已由要约方实施,或者,

  • 要约方持有公司超过90%的股本或投票权,而要约方并未向AMF申请实施强制退市;或者

  • 在过去的二十(20)个交易日中,公司日均交易其股份的成交量少于公司股本的0.055%,基于Euronext Paris发布的信息。


In accordance with the provisions of the Liquidity Agreement entered into by Mr. Xavier Barbaro (as well as Cartusia, Equinox, Kampen, Hilaris and Palancia), the exercise of the Options on his Unavailable Holding Shares, Unavailable Free Shares and Managers Unavailable Shares is not subject to the occurrence of an Event of Liquidity Default and can be exercised as from the availability date of each category of Unavailable Shares (based on an identical exercise price for all beneficiaries of Unavailable Shares as described below).


根据Xavier Barbaro先生(以及Cartusia、Equinox、Kampen、Hilaris和Palancia)签订的流动性协议的规定,针对其不可用持股、不可用自由股份和管理人员不可用股份的期权行使不受流动性违约事件的发生限制,可以自每类不可用股份的可用日期起行使(基于所有不可用股份受益人相同的行使价格,如下所述)。



In addition, with respect to the Managers Unavailable Shares, they must be held (and consequently, the Options cannot be exercised) as long as Mr. Xavier Barbaro and Mr. Romain Desrousseaux respectively hold their positions of corporate officers within the Group and cannot therefore be tendered in the Offer; they are thus covered by the Liquidity Agreements entered into respectively by Mr. Xavier Barbaro and Mr. Romain Desrousseaux and the Options may be exercised after the termination of their respective positions as corporate officers within the Group.


此外,关于管理人员不可用股份,必须持有(因此期权不能被行使),只要Xavier Barbaro先生和Romain Desrousseaux先生分别在集团内担任公司高管职位,因此它们不能被投标于要约;因此,它们受到分别由Xavier Barbaro先生和Romain Desrousseaux先生签订的流动性协议的保护,期权可在其分别的公司高管职位终止后行使。



In the event of the exercise of an Option, the exercise price per Unavailable Share will be (i) equal to the Offer Price per Share if the Option is exercised before 31 December 2025, or (ii) equal to the market value of the Shares as at the exercice date of the Option according to the terms and conditions of the Liquidity Agreement if the Option is exercised after 31 December 2025 (and, if necessary, determined by an independent expert in the event of disagreement).


在行使期权的情况下,每股不可用股份的行使价格将为(i) 如果在2025年12月31日之前行使期权,则等于每股报价,或(ii) 如果在2025年12月31日之后行使期权,则根据流动性协议的条款和条件,等于期权行使日的市场价值(如有必要,在争议情况下由独立专家判断)。



Should the Squeeze-Out be implemented, the Unavailable Shares (with the exception of the Unavailable PEE Shares and 2023 Accelerated Free Shares, which will be targeted in the Squeeze-Out) which exist as at the date of the Squeeze-Out and for which a Liquidity Agreement has been entered into, will be assimilated to the shares held by the Offeror in accordance with Article L. 233-9 I, 4° of the French Commercial Code, and will not be affected by the Squeeze-Out and the delisting.


如果实施挤出,不可用股份(不可用PEE股份和2023年加速自由股份除外,这些股份将在挤出中被针对)将在挤出日期存在,并且已签订流动性协议,将根据法国商业法第L.233-9 I, 4°条的规定,与要约人持有的股份同化,并且不受挤出和退市的影响。



In the event of exercise of the Options, holders of Unavailable Shares would not benefit from any mechanism enabling them to obtain a guaranteed transfer price. It is specified that no contractual mechanism is likely (i) to be analyzed as a price supplement, (ii) to call into question the relevance of the Offer Price per Share or the equal treatment of minority shareholders, or (iii) to highlight a guaranteed transfer price clause in favor of holders of Unavailable Shares.


在行使期权的情况下,不可用股份的持有者将无法享受任何使他们获得保证转让价格的机制。需要说明的是,任何合同机制都不太可能(i) 被分析为价格补充,(ii) 质疑每股报价的相关性或少数股东的平等待遇,或(iii) 突出不可用股份持有者的保证转让价格条款。



It is further provided that:


此外规定:



  • the beneficiaries of the 2023 Free Share Plan and the 2024 Free Share Plan (including Mr. Xavier Barbaro) are offered by the Offeror the possibility to benefit, subject to an "Event of Liquidity Default" (or, in the case of Mr. Xavier Barbaro, subject to a resignation from his position as CEO of the Company following completion of the Squeeze-Out and up to the number of 2024 Free Shares acquired

    pro rata temporis

    on the date of termination of his duties), from a cash retention plan in lieu of all or part of their rights to receive these 2023 Free Shares and these 2024 Free Shares, as applicable, under the conditions described in Section 2.4, and

  • as an exception to the above, certain Group executives38F

    39

    (excluding Mr. Xavier Barbaro) holding 2023 Non-Accelerated Free Shares and 2024 Free Shares (as these terms are defined in Section 2.4), are being offered by the Offeror the opportunity to benefit, subject to an "Event of Liquidity Default", from a new retention plan in the form of shares of BRHL Midco (in lieu of all or part of the above-mentioned cash retention plan), under the conditions described in Section 2.4,

  • 2023年自由股份计划和2024年自由股份计划的受益人(包括Xavier Barbaro先生)由要约人提供可能性,前提是发生"流动性违约事件"(或者对于Xavier Barbaro先生,前提是在完成挤出后辞去其作为公司首席执行官的职务,并且最多为2024年获得的自由股份数量)

    按时间比例

    在解除职务之日)享受现金保留计划,以替代全部或部分他们在第2.4节中规定的条件下应收取的2023年自由股份和2024年自由股份的权利,视具体情况而定,

  • 作为上述内容的例外,某些集团高管38F

    39

    (不包括Xavier Barbaro先生)持有2023年非加速普通股和2024年普通股(如第2.4节所定义),正在被要约人提供机会,在"流动性违约事件"的条件下,从BRHL Midco的新留任计划中受益,该计划以股份形式提供(替代上述现金留任计划的全部或部分),根据第2.4节中描述的条件,


it being specified that the beneficiaries of the 2023 Free Share Plan and the 2024 Free Share Plan will be able to choose to benefit from the cash retention plan or the retention share plan, as applicable, until 7 February 2025 (inclusive).


需要说明的是,2023年普通股计划和2024年普通股计划的受益人将能够选择在2025年2月7日(含)之前,从现金留任计划或留任股份计划中受益,视情况而定。



1.2.18 Other agreements of which the Offeror is aware


1.2.18 要约人知情的其他协议



With the exception of the agreements described in this Section 1.3, there are, to the knowledge of the Offeror, no other agreements likely to have an impact on the assessment or outcome of the Offer.


除本节1.3中描述的协议外,据要约人所知,没有其他可能影响要约评估或结果的协议。





  1. CHARACTERISTICS OF THE OFFER




  1. 要约的特征




1.3 Terms of the Offer


1.3 要约的条款



In accordance with the provisions of Articles 231-13 and 231-18 of the AMF General Regulation, the draft Offer was filed on 2 January 2025 with the AMF by the Presenting Banks, acting in the name and on behalf of the Offeror. A notice of filing will be published by the AMF on its website (



).


根据AMF一般规定第231-13条和第231-18条的规定,草案要约于2025年1月2日由呈报银行向AMF提交,呈报银行代表要约人行事。AMF将在其网站上发布提交通知(



).



In accordance with Articles 233-1 et seq. of the AMF General Regulation, the Offer will be implemented in accordance with the simplified tender offer procedure. The attention of the shareholders and holders of the Company's OCEANEs is drawn to the fact that, as the Offer is being made under the simplified procedure, it will not be reopened following the publication of the result of the Offer.


根据AMF一般规定第233-1条及以下条款,提议将按照简化要约程序实施。注意,公司的股东及OCEANE持有人需注意,由于要约是根据简化程序进行的,因此在公布要约结果后不会重新开放。



The Offeror irrevocably undertakes to the Company's shareholders and holders of OCEANEs to acquire, all the Shares and OCEANEs that will be tendered in the Offer during a period of 21 Trading Days at the price of:


要约人不可撤销地承诺公司股东及OCEANE持有人,在21个交易日内以以下价格收购所有在要约中提交的股份和OCEANE:



  • EUR 39.85 per Share,

  • EUR 48.14 per 2020 OCEANE, and

  • EUR 101,382.00 per 2022 OCEANE.

  • 每股EUR 39.85,

  • 2020年OCEANE每个EUR 48.14,以及

  • 2022年OCEANE每个EUR 101,382.00。


Société Générale guarantees the content and the irrevocable nature of the undertakings made by the Offeror as part of the Offer in accordance with the provisions of Article 231-13 of the AMF General Regulation.


法国兴业银行根据AMF一般规定第231-13条的规定,保证要约人作为要约的一部分所作的承诺的内容和不可撤销性。



1.4 Adjustment of the terms of the Offer


1.4 对要约条款的调整



It is specified for all purposes that the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE have been determined on the basis of the assumption that no distribution (dividend, interim dividend or other) will be decided before the closing of the Offer.


为所有目的特此说明,每股要约价格、2020年OCEANE的要约价格以及2022年OCEANE的要约价格是基于假设没有任何分配(红利、临时红利或其他)在要约结束之前被决定的。



In the event that, between the date of the Draft Offer Document and the date of the settlement- delivery of the Offer (included), the Company proceeds in any form whatsoever to (i) distribute a dividend, interim dividend, reserve, premium or any other distribution (in cash or in kind), or (ii) redeem or reduce its share capital, and in both cases, in which the detachment date or the reference date on which it is necessary to be a shareholder in order to be entitled thereto is set before the date of the settlement-delivery of the Offer, the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE will be adjusted to take into account this transaction.


如果在草拟要约文件的日期与要约的结算-交付日期(含)之间,公司以任何形式(i)分配红利、临时红利、储备、溢价或任何其他分配(现金或实物),或(ii)赎回或减少其股本,而在这两种情况下,与之相关的剥离日期或必须成为股东以获得该权利的参考日期是在要约的结算-交付日期之前设置的,则每股要约价格、2020年OCEANE的要约价格和2022年OCEANE的要约价格将被调整以考虑此交易。



Similarly, in the event of transactions involving the share capital of the Company (in particular merger, spinoff, stock split, reverse stock split, distribution of free shares for existing shares through the capitalization of profits or reserves) decided during the same period, and for which the reference date on which any person must be a shareholder in order to receive the distribution is set before the settlement date of the Offer, the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE will be mechanically adjusted to take into account the effect of any and all such transactions.


同样,如果公司股本涉及交易(尤其是合并、分拆、股票拆分、反向股票拆分、通过利润或储备资本化向现有股票分配免费股份)在同一时期内决定,并且与之相关的任何人必须成为股东以获得分配的参考日期设置在要约的结算日期之前,则每股要约价格、2020年OCEANE的要约价格和2022年OCEANE的要约价格将被机械地调整以考虑所有此类交易的影响。



Any adjustment of the terms of the Offer will be subject to the publication of a press release which will be submitted to the prior approval of the AMF.


任何对要约条款的调整都需发布新闻稿,并提交给AMF的事先批准。



1.5 Number and nature of the securities targeted by the Offer


1.5 要约所针对的证券的数量和性质



As of the date of the Draft Offer Document39F

40

, Brookfield Renewable Holdings holds:


截至草拟要约文件之日39F

40

, 布鲁克菲尔德可再生能源控股公司持有:



  • directly 81,197,100 Shares (i.e. 53.12% of the share capital and 53.19% of the voting rights of the Company),

  • by way of assimilation pursuant to Article L. 233-9 of the French Commercial Code:

    • the (i) 545,672 Unavailable Holding Shares (i.e. 0.36% of the share capital and theoretical voting rights of the Company) with respect to which Brookfield Renewable Holdings benefits from a Call Option at the Offer Price per Share for each Unavailable Holding Share exercisable as from 16 April 2025, pursuant to the Liquidity Agreement entered into by Mr. Xavier Barbaro (which is described in Section 1.3.3), (ii) 39,943 Managers Unavailable Shares (as defined below and also covered by the Liquidity Agreement entered into by Mr. Xavier Barbaro) held by Mr. Xavier Barbaro, (iii) 1,600 PEE Shares (as defined below) held by Mr. Xavier Barbaro, and (iv) 180,83240F

      41

      2024 Free Shares (as defined below and also covered by the Liquidity Agreement entered into by Mr. Xavier Barbaro) held by Mr. Xavier Barbaro,

    • the (i) 442,895 Shares, (ii) 9,445 Managers Unavailable Shares (as defined below and covered by the Liquidity Agreement entered into by Mr. Romain Desrousseaux), and (iii) 120,55541F

      42

      2024 Free Shares (as defined below and also covered by the Liquidity Agreement entered into by Mr. Romain Desrousseaux) held by Mr. Romain Desrousseaux, and

    • 14,330 Shares (i.e. 0.009% of the share capital and theoretical voting rights of the Company) through the intermediary of Aranda Investments (an indirect wholly-owned subsidiary of Temasek).


  • 直接持有81,197,100股(即公司股本的53.12%和投票权的53.19%),

  • 根据法国商业法第L. 233-9条的规定进行的同化:

    • (i)545,672股不可用持有股份(即公司股本和理论投票权的0.36%),布鲁克菲尔德可再生能源控股公司就每一股不可用持有股份享有看涨期权,期权价格为每股,期权可于2025年4月16日起行使,依据由Xavier Barbaro先生签订的流动性协议(在第1.3.3节中有所描述),(ii)39,943股管理人员不可用股份(如下所定义,并且也包括在Xavier Barbaro先生签订的流动性协议中),由Xavier Barbaro先生持有,(iii)1,600股PEE股份(如下所定义),由Xavier Barbaro先生持有,以及(iv)180,83240F

      41

      2024年自由股份(如下所定义,并且也包括在Xavier Barbaro先生签订的流动性协议中),由Xavier Barbaro先生持有,

    • (i)442,895股,(ii)9,445股管理人员不可用股份(如下所定义,并且包括在Romain Desrousseaux先生签订的流动性协议中),以及(iii)120,55541F

      42

      2024年自由股份(定义如下,并由Romain Desrousseaux先生签署的流动性协议涵盖)由Romain Desrousseaux先生持有,

    • 通过Aranda Investments(淡马锡的一家间接全资子公司)持有的14,330股(即占公司股份和理论投票权的0.009%)。



In total, the Offeror holds, directly and indirectly, alone and in concert, and by assimilation, 82,250,985 Shares (i.e. 53.81% of the share capital and theoretical voting rights of the Company)42F

43

.


总的来说,收购方直接和间接持有,单独和协同,以及同化,82,250,985股(即占公司股份和理论投票权的53.81%)42F

43

.



The Offeror does not hold, directly and indirectly, alone and in concert, or by assimilation, any OCEANEs.


收购方不直接和间接,单独和协同,或通过同化持有任何OCEANEs。



The Offer targets:


收购目标:



(vi) all Shares, whether outstanding or to be issued, that are not held directly by the Offeror, i.e., the Shares:


(vi) 所有股份,无论是已发行还是将要发行的,且未被收购方直接持有的股份:



  • which are already issued other than the Excluded Shares, i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum of 70,713,338 Shares,

  • which may be issued before the closing of the Offer (as per the indicative timetable included in Section 2.10), other than the Excluded Shares, as a result of the vesting of Free Shares granted by the Company under the Free Shares Plans (as defined in Section 2.4), i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum of 161,971 43F

    44

    Shares corresponding to all 2022 Free Shares,

  • which may be issued before the closing of the Offer (as per the indicative timetable included in Section 2.10) in connection with the conversion of the 2020 OCEANEs, i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum number of 4,445,020 new Shares44F

    45

    ,

  • which may be issued before the closing of the Offer (as per the indicative timetable included in Section 2.10) in connection with the conversion of the 2022 OCEANEs, i.e., to the knowledge of the Offeror and as at the date of the Draft Offer Document, a maximum number of 7,519,824 new Shares45F

    46

    ,

  • 除排除股份外,发行的股份总数为70,713,338股,即在建议人的知识范围内,截至草案要约文件的日期。

  • 在要约结束之前可能会发行股份(根据第2.10节中包含的指示时间表),除排除股份外,作为公司根据免费股份计划(如第2.4节所定义)授予的免费股份归属的结果,即在建议人的知识范围内,截至草案要约文件的日期,最多可能为161,971 43F股份。

    44

    与所有2022年免费股份对应的股份,

  • 在要约结束之前可能会发行股份(根据第2.10节中包含的指示时间表),与2020年OCEANEs的转换相关,即在建议人的知识范围内,截至草案要约文件的日期,最多可能发行4,445,020新股份44F。

    45

    ,

  • 在要约结束之前可能会发行股份(根据第2.10节中包含的指示时间表),与2022年OCEANEs的转换相关,即在建议人的知识范围内,截至草案要约文件的日期,最多可能发行7,519,824新股份45F。

    46

    ,


i.e., to the knowledge of the Offeror at the date of the Draft Offer Document, a maximum number of Shares targeted by the Offer equal to 82,840,153; and


即,截止草拟要约文件日期,发行人所知,目标股份最多为82,840,153股;以及



(vii) all outstanding OCEANEs that are not held by the Offeror, i.e. to the knowledge of the Offeror at the date of the Draft Offer Document, 3,679,653 2020 OCEANEs and 3,000 2022 OCEANEs.


(vii) 所有未被发行人持有的未到期OCEANEs,即截止草拟要约文件日期,发行人所知,2020年的OCEANEs为3,679,653股,2022年的OCEANEs为3,000股。



Among the Shares covered by the Offer, the 283,58146F

47

Unavailable PEE Shares (as defined below) cannot be tendered into the Offer (except in the case of an early release in accordance with applicable laws and regulation). However, Unavailable PEE Shares will be targeted by the Squeeze-Out, if applicable.


在要约覆盖的股份中,283,58146F

47

不可提供的PEE股份(如下文定义)无法被投标到要约中(除非根据适用的法律和法规提前解除)。然而,不可提供的PEE股份将在适用情况下被挤出目标。



It is specified that the Offer does not target the Excluded Shares.


特此说明,该要约不针对被排除的股份。



As a result of the indicative timetable of the Offer provided in Section 2.10, the 105,416 2023 Accelerated Free Shares (as defined below) being vested on 28 February 2025, they cannot be tendered into the Offer47F

48

. Such 2023 Accelerated Free Shares will however be targeted by the Squeeze-Out, if applicable.


根据第2.10节中提供的要约指示性时间表,这105,416股2023年加速自由股份(下文定义)将于2025年2月28日归属,因此无法被纳入要约47F。

48

然而,这些2023年加速自由股份将在适用的情况下被针对挤压出售。



To the knowledge of the Offeror, there are no other equity securities or other financial instruments issued by the Company or rights conferred by the Company that may give access, immediately or in the future, to the share capital or voting rights of the Company, other than the existing Shares and the OCEANEs described in Section 2.1 and the Free Shares described in Section 2.4.


据要约人所知,公司没有其他股权证券或公司发行的其他金融工具,也没有公司赋予的权利,可能立即或将来获取公司股本或投票权,除了现有股和第2.1节中描述的OCEANEs以及第2.4节中描述的自由股份。



1.6 Situation of the beneficiaries of Free Shares


1.6 自由股份受益人的情况



The Company has granted Company's shares for free (the "

Free Shares

") to employees and executives' officers of the Group under several free shares plans (the "

Free Shares Plans

").


公司已向集团的员工和高管免费授予公司股份("

自由股份

)在多个自由股份计划下("

免费股份计划

").



As of the date of the Draft Offer Document, three Free Shares Plans remain outstanding with the Free Shares allocated pursuant to these Free Shares Plan still under vesting: (i) the 2022 Free Shares Plan, (ii) the 2023 Free Shares Plan, and (iii) the 2024 Free Shares Plan.


截至草拟要约文件的日期,仍有三个免费股份计划待完成,按照这些免费股份计划分配的免费股份仍在归属期内:(i) 2022年免费股份计划,(ii) 2023年免费股份计划,以及(iii) 2024年免费股份计划。



To the knowledge of the Offeror, pursuant to an authorisation granted by the general meeting of the shareholders of the Company dated 25 May 2021 and an authorisation granted by the general meeting of the shareholders of the Company dated 10 May 2023, the board of directors of the Company has granted 2022, 2023 and 2024 Free Shares to employees and executives' officers of the Group under Free Shares Plans, as follows:


根据要约方的了解,根据公司股东大会于2021年5月25日和2023年5月10日授予的授权,公司董事会已向集团的员工和高管根据免费股份计划授予2022年、2023年和2024年免费股份,具体如下:



  • on 14 March 2022, the board of directors of the Company decided to grant 164,046 Free Shares to certain employees of the Group. The granting of Shares will only be final after a vesting period of three years, i.e. on 14 March 2025, being specified that the availability date of these Free Shares is set on 17 March 2025, provided that the beneficiaries are still present in the Group and that the performance conditions set by the board of directors in the plan rules and relating in particular to the achievement of financial and development objectives are met (the "

    2022 Free Shares

    " and "

    2022 Free Shares Plan

    ");

  • on 28 February 2023, the board of directors of the Company decided to grant 221,766 Free Shares to certain employees of the Group. The granting of Shares will only be final after a vesting period of three years, i.e. on 28 February 2026, being specified that the availability date of these Free Shares is set on 3 March 2026, provided that the beneficiaries are still present in the Group and that the performance conditions set by the board of directors in the plan rules and relating in particular to the achievement of financial and development objectives are met (the "

    2023 Free Shares

    " and "

    2023 Free Shares Plan

    ");

  • on 28 February 2024 and 14 March 2024, the board of directors of the Company decided to grant 729,303 Free Shares to certain employees and executives' officers of the Group. The granting of Shares will only be final after a vesting period of three years, i.e. on 1

    st

    March 2027, being specified that the availability date of these Free Shares is set on 3 March 2027, provided that the beneficiaries are still present in the Group and that the performance conditions set by the board of directors in the plan rules and relating in particular to the achievement of financial and development objectives are met (the "

    2024 Free Shares

    " and "

    2024 Free Shares Plan

    ").

  • 在2022年3月14日,公司董事会决定向集团的某些员工授予164,046股免费股份。股份的授予仅在三年的归属期后最终确定,即在2025年3月14日,明确规定这些免费股份的可得日期设定在2025年3月17日,前提是受益人在集团内仍然存在,并且董事会在计划规则中设定的关于实现财务和发展目标的绩效条件得到满足("

    2022年免费股份

    "和"

    2022年免费股份计划

    ");

  • 在2023年2月28日,本公司的董事会决定向集团的部分员工授予221,766份免费股份。股份的授予将在三年的归属期后方为最终生效,即在2026年2月28日,特别说明这些免费股份的可用日期定在2026年3月3日,前提是受益人在集团内仍在职,且董事会在计划规则中设定的有关财务和发展目标的绩效条件已满足(“

    2023免费股份

    "和"

    2023免费股份计划

    ");

  • 在2024年2月28日和2024年3月14日,本公司的董事会决定向部分员工和高管授予729,303份免费股份。股份的授予将在三年的归属期后方为最终生效,即在1



    2027年3月,规定这些自由股份的可用日期为2027年3月3日,前提是受益人仍在集团内,并且董事会在计划规则中设定的与实现财务和发展目标相关的绩效条件得到满足(“

    2024年自由股份

    "和"

    2024年自由股份计划

    ").






































































2022 Free Share Plan

2023 Free Share Plan

2024 Free Share Plan

Date of the general shareholders' meeting

25 May 2021

25 May 2021

10 May 2023

Date of the grant decision

14 March 2022

28 February 2023

28 February 2024
14 March 2024

Number of Free Shares initially granted

164,046

221,766

729,303

Number of Free Shares under vesting period (as at 30 November 2024)

161,971

210,833

721,928

Definitive vesting date

14 March 2025

28 February 2026

1

st

March 2027

Performance conditions




Attendance conditions




Availability date

17 March 2025

3 March 2026

3 March 2027

Holding period

None

None

None

Number of Free Shares subject to a specific holding period for executives' officers

N/A

N/A

45,208


2022年自由股份计划

2023年自由股份计划

2024年自由股份计划

股东大会日期

2021年5月25日

2021年5月25日

2023年5月10日

授予决定日期

2022年3月14日

2023年2月28日

2024年2月28日
2024年3月14日

最初授予的免费股票数量

164,046

221,766

729,303

在归属期内的免费股票数量(截至2024年11月30日)

161,971

210,833

721,928

最终归属日期

2025年3月14日

2026年2月28日

1



2027年3月

业绩条件




出席条件




可用日期

2025年3月17日

2026年3月3日

2027年3月3日

持有期限







特定持有期内高管的免费股份数量

不适用

不适用

45,208


On 26 December 2024, the Company's board of directors has decided, subject to completion of the Block Trade Acquisition, which occurred on 27 December 2024:


在2024年12月26日,公司董事会已决定,待2024年12月27日完成区块交易收购后:



  • with respect to the 2022 Free Shares Plan:

  • 关于2022年免费股份计划:


(i) to deem entirely satisfied the performance requirements provided by the 2022 Free Shares Plan, and


(i) 完全满足2022年免费股份计划中规定的绩效要求,



(ii) to accelerate the end of the vesting period provided for in the 2022 Free Shares Plan, for all the 2022 Free Shares, as their number may be adjusted from time to time in accordance with the terms of the 2022 Free Shares Plan, which will become immediately available on the opening date of the Offer;


(ii) 加速2022年自由股份计划中规定的归属期结束,适用于所有2022年自由股份,其数量可能会根据2022年自由股份计划的条款不时调整,这些股份将在要约的开盘日期立即可用;



  • with respect to the 2023 Free Shares Plan:

  • 关于2023年自由股份计划:


(i) to deem entirely satisfied the performance requirements provided by the 2023 Free Shares Plan, and


(i) 视为完全满足2023年自由股份计划规定的业绩要求,并



(ii) to offer each of the beneficiaries of the 2023 Free Shares Plan who have chosen this option:


(ii) 向选择此选项的2023年自由股份计划受益人提供:




(x)

the acceleration of the vesting period on 50% of their unvested Free Shares as their number may be adjusted from time to time in accordance with the terms of the 2023 Free Shares Plan (the "

2023 Accelerated Free Shares

"), which will definitely be vested on 28 February 2025, subject to a presence condition,



(x)

加速50%未归属自由股份的归属期,其数量可能会根据2023年自由股份计划的条款不时调整("

2023年加速自由股份

"),将于2025年2月28日完全归属,受出席条件的限制,



(

y

) not to change the vesting period of the remaining 50% unvested Free Shares under the 2023 Free Shares Plan (the "

2023 Non Accelerated Free Shares

"), which will definitely be vested on 28 February 2026, subject to a presence condition, and


(

y

) 不改变2023年自由股份计划下剩余50%未归属的自由股份的归属期(“

2023年非加速自由股份

“),该股份将于2026年2月28日完全归属,但需符合出席条件,并



(

z

) subject to the occurrence of an "Event of Liquidity Default" and a presence condition of the beneficiary on 28 February 2026, to benefit from a cash retention plan in lieu of the concerned beneficiary's right to receive 2023 Non Accelerated Free Shares (it being specified that the gross amount per 2023 Non-Accelerated Free Share that will be paid to any beneficiary who elects to benefit from the retention plan in cash will correspond to the Offer Price per Share); and


(

z

) 需满足“流动性违约事件”的发生以及受益人在2026年2月28日的出席条件,以便从现金留存计划中受益,替代相关受益人获得2023年非加速自由股份的权利(特此说明,选择以现金方式享受留存计划的任何受益人,每份2023年非加速自由股份的毛金额将对应于每股份的报价)。



  • with respect to the 2024 Free Shares Plan:

  • with respect to the 2024 Free Shares Plan:


(i) to deem entirely satisfied the performance requirements of this 2024 Free Shares Plan, and


(i) to deem entirely satisfied the performance requirements of this 2024 Free Shares Plan, and



(ii) to offer to beneficiaries of the 2024 Free Shares Plan to benefit, subject to an "Event of Liquidity Default" (or, in the case of Mr. Xavier Barbaro, subject to a resignation from his position as CEO of the Company following completion of the Squeeze-Out and up to the number of 2024 Free Shares acquired

pro rata temporis

on the date of termination of his duties) and a presence condition of the beneficiary on1

st

March 2027, a cash retention plan in lieu of all or part of the rights of the beneficiary concerned to receive the 2024 Free Shares (it being specified that the gross amount per 2024 Free Share that will be received by any beneficiary who chooses to benefit from the retention plan in cash will correspond to the Offer Price per Share). In this respect, it is specified that the cash retention plan from which Mr. Xavier Barbaro benefits (i) is conditional on the termination of his duties as CEO of the Company (see Section 1.2.3 regarding the evolution of the Company's governance in the event of a Squeeze-Out), (ii) relates to a number of 2024 Free Shares that will be acquired on the date of termination of his duties as CEO of the Company (taking into account the particular characteristics of the 2024 Free Share Plan concerning him, which provide, in the event of termination of his duties, for an acquisition of the 2024 Free Shares by the latter

pro rata temporis

to the duration of his duties during their vesting period), and (iii) will vest on 1

st

March 2027.


(ii) to offer to beneficiaries of the 2024 Free Shares Plan to benefit, subject to an "Event of Liquidity Default" (or, in the case of Mr. Xavier Barbaro, subject to a resignation from his position as CEO of the Company following completion of the Squeeze-Out and up to the number of 2024 Free Shares acquired

pro rata temporis

on the date of termination of his duties) and a presence condition of the beneficiary on1



March 2027, a cash retention plan in lieu of all or part of the rights of the beneficiary concerned to receive the 2024 Free Shares (it being specified that the gross amount per 2024 Free Share that will be received by any beneficiary who chooses to benefit from the retention plan in cash will correspond to the Offer Price per Share). In this respect, it is specified that the cash retention plan from which Mr. Xavier Barbaro benefits (i) is conditional on the termination of his duties as CEO of the Company (see Section 1.2.3 regarding the evolution of the Company's governance in the event of a Squeeze-Out), (ii) relates to a number of 2024 Free Shares that will be acquired on the date of termination of his duties as CEO of the Company (taking into account the particular characteristics of the 2024 Free Share Plan concerning him, which provide, in the event of termination of his duties, for an acquisition of the 2024 Free Shares by the latter

pro rata temporis

在其归属期间的职责持续时间内),以及(iii)将于1



2027年3月。



As an exception to the above, certain Managers48F

49

(as defined in Section 1.3.2) (excluding Mr. Xavier Barbaro) holding 2023 Non-Accelerated Free Shares and 2024 Free Shares, will be offered by the Offeror the opportunity to benefit from a new retention plan in the form of BRHL Midco shares (in lieu of all or part of the above-mentioned cash retention plan). It is specified that the number of BRHL Midco shares that will be delivered to any beneficiary who elects to benefit from the retention share plan will be determined on the basis of the number of 2023 Non-Accelerated Free Shares and/or 2024 Free Shares renounced to multiplied by the Offer Price per Share, reported to the value of BRHL Midco's share capital on the date upon which the rights to receive the said shares of BRHL Midco are allocated. The vesting period of BRHL Midco's shares will be for a period of one year, it being specified that the definitive acquisition of these shares will be conditional on the occurrence of an "Event of Liquidity Default ", a presence condition of the beneficiary and the latter's adherence to the BRHL Midco SHA. In addition, the definitively acquired shares of BRHL Midco will be subject to an additional one-year holding period.


作为上述条款的例外,某些经理48F

49

(如第1.3.2节所定义)(不包括Xavier Barbaro先生)持有的2023年非加速自由股份和2024年自由股份,将由要约方提供机会,受益于一种新的留任计划,形式为BRHL Midco股份(取代上述现金留任计划的全部或部分)。需指出的是,选择受益于留任股份计划的任何受益人将根据放弃的2023年非加速自由股份和/或2024年自由股份的数量,乘以每股要约价格,计算出将交付给其的BRHL Midco股份数,这一计算基于受配BRHL Midco股份的权利分配日期的BRHL Midco股本价值。BRHL Midco股份的归属期为一年,需说明的是,最终取得这些股份的条件是发生“流动性违约事件”、受益人的在场条件以及其遵守BRHL Midco SHA。此外,最终取得的BRHL Midco股份将需再持有一年。



It being specified that the beneficiaries of the 2023 Free Share Plan and the 2024 Free Share Plan will be able to choose to benefit from the Liquidity Agreement or the cash retention plan (or, for certain Managers, the retention share plan in lieu of all or part of the cash retention plan) until 7 February 2025 (inclusive).


需说明的是,2023年自由股份计划和2024年自由股份计划的受益人可以选择在2025年2月7日(含)之前受益于流动性协议或现金留任计划(或对于某些经理,留任股份计划作为现金留任计划的全部或部分替代)。



Holders of Free Shares delivered before the closing of the Offer (i.e., as a result of the indicative timetable of the Offer provided in Section 2.10, the2022 Free Shares) representing a maximum of 161,97149F

50

Shares will be able to tender such Free Shares to the Offer given its contemplated timetable as indicated in Section 2.10. As a result of the indicative timetable of the Offer provided in Section 2.10, the 105,416 2023 Accelerated Free Shares being vested on 28 February 2025, they cannot be tendered into the Offer 50F

51

. Such 2023 Accelerated Free Shares will however be targeted by the Squeeze-Out, if applicable.


在要约关闭之前交付的自由股份持有者(即,根据第2.10节提供的要约指示时间表,2022年自由股份)代表最多161,97149F

50

股份将能够根据第2.10节所述的预计时间表向要约提交此类免费股份。因此,由于第2.10节提供的要约指示性时间表,2023年2月28日到期的105,416份加速免费股份不能提交到要约中50F

51

然而,这些2023年加速免费股份将会受到挤出的针对,如果适用。



The 932,761 Shares which may be issued as a result of the definitive vesting of all of the 2023 Free Shares and all 2024 Free Shares (together the "

Unavailable Free Shares

") granted by the Company, cannot be tendered to the Offer and will therefore be covered by the Liquidity Agreements51F

52

.


由于所有2023年免费股份和所有2024年免费股份的最终归属,可能会发行的932,761股份(统称为"

不可用的免费股份

")由公司授予,无法提交要约,因此将受到流动性协议的覆盖51F

52

.



In addition, to the knowledge of the Offeror and as of the date of the Draft Offer Document, 49,388 Shares are held by executive officers of the Group as a result of the definitive vesting of Free Shares granted by the Company under the Free Shares plans implemented in 2018 and 2021 and are subject to a specific lock-up period as long as they remain executive officers of the Group (the "

Managers Unavailable Shares

"). Such Managers Unavailable Shares cannot be tendered to the Offer and will therefore be covered by the Liquidity Agreements respectively entered into by Mr. Xavier Barbaro and Mr. Romain Desrousseaux.


此外,根据要约方的知识,截至送达草案要约文件的日期,集团的高管持有49,388股,这是由于公司在2018年和2021年实施的自由股份计划下授予的自由股份的最终归属,并且在他们仍然是集团的高管期间,受特定锁定期的限制(“

高管不可用股份

)。因此,这些高管不可用股份不能提交给要约,因此将由Xavier Barbaro先生和Romain Desrousseaux先生分别签署的流动性协议所涵盖。



1.7 Situation of the shareholders holding Shares through a

Plan d'Epargne Entreprise

(PEE)


1.7 持有股份的股东情况通过一个

企业储蓄计划

(PEE)



To the knowledge of the Offeror and as the date of the Draft Offer Document, 426,17052F

53

Shares are held by employees of the Group in the context of an employee savings plan (

Plan d'épargne entreprise

or "

PEE

") (the "

PEE Shares

").


根据要约方的知识,截至送达草案要约文件的日期,426,17052F

53

集团员工在员工储蓄计划下持有股份(

企业储蓄计划

或者"

PEE

)(的"

PEE股份

").



To the knowledge of the Offeror and as the date of the Draft Offer Document, 142,589 53F

54

PEE Shares are transferable and their holders will be able to tender such PEE Shares to the Offer.


根据发行人的了解,截至草拟要约文件的日期,共142,589个53F

54

PEE股份是可转让的,其持有人将能够将这些PEE股份提交给要约。



To the knowledge of the Offeror and as the date of the Draft Offer Document, 283,58154F

55

Shares already issued and held by employees of the Group in the context of a PEE resulting from (i) the implementation of employee share ownership plans, i.e. 179,256 Shares for which the five-year mandatory holding period will not have expired prior to the closing date of the Offer or (ii) the exercise of stock-options within the framework of the PEE, i.e. 104,325 Shares for which the five-year mandatory holding period will not have expired prior to the closing date of the Offer (such Shares referred to in (i) and (ii), the "

Unavailable PEE Shares

") shall not be tendered into the Offer, taking into account its indicative timetable and subject to the early release events provided by the French Labour Code which may allow their holders to tender such PEE Shares to the Offer.


根据发行人的了解,截至草拟要约文件的日期,共283,58154F

55

现已发行的股份是集团员工在PEE背景下持有的,涉及(i) 实施员工持股计划,即179,256股在要约截止日期之前不再具有五年强制持有期的股份,或(ii) 在PEE框架内行使股票期权,即104,325股在要约截止日期之前不再具有五年强制持有期的股份(在(i)和(ii)中提及的股份称为"

不可用的PEE股份

)将不被提交到要约,考虑到其指示性时间表,并受法国劳动法提供的提前释放事件的限制,这可能允许其持有人将这些PEE股份提交给要约。



The Offeror undertakes to offer to the remaining holders of Unavailable PEE Shares, at the closing of the Offer and provided that the conditions required for the implementation of a Squeeze-Out are not met, to enter into the Liquidity Agreement. The terms and conditions of the Liquidity Agreement to be entered into at that time will be strictly identical to the ones of the Liquidity Agreements entered into by the Holders of Unavailable Shares prior to the closing of the Offer.


提议方承诺在要约结束时,向剩余的不可用PEE股份持有人提供进入流动性协议的机会,前提是实施挤出所需的条件未得到满足。届时进入的流动性协议的条款和条件将与在要约结束前,由不可用股份持有人签署的流动性协议严格相同。



In the event of a Squeeze-Out, these Unavailable PEE Shares will be targeted by the Squeeze-Out, as applicable.


如发生挤出,这些不可用PEE股份将会被挤出。



1.8 Situation of the holders of OCEANEs


1.8 OCEANEs持有人的情况



On 2 June 2020, the Company issued 3,679,653 2020 OCEANEs due 2 June 2025. The 2020 OCEANEs, with a par value of EUR 46.20 each, bear a 2.00% annual nominal rate payable semi-annually (2 June and 2 December) and are convertible or exchangeable at any time by the delivery of 1.176 new or existing Share for one 2020 OCEANE55F

56

, subject to additional adjustments provided for in the terms and conditions of the 2020 OCEANEs and under the conditions set out therein. To the Offeror's knowledge, 3,679,653 2020 OCEANEs are outstanding as of the date of the Draft Offer Document. The 2020 OCEANEs are listed on Euronext Access under ISIN Code FR0013515707.


2020年6月2日,公司发行了3,679,653份2020年OCEANEs,截止日期为2025年6月2日。这些2020年OCEANEs的面值为每份46.20欧元,年名义利率为2.00%,半年支付一次(分别在6月2日和12月2日),可随时通过交付1.176份新的或现有股份换取一份2020年OCEANE55F。

56

根据2020年OCEANEs的条款和条件以及其中规定的条件,可能会进行额外的调整。根据提议方的了解,截至草案要约文件日期,3,679,653份2020年OCEANEs尚未兑付。这些2020年OCEANEs在Euronext Access上市,ISIN代码FR0013515707。



On 14 September 2022, the Company issued 3,000 2022 OCEANEs due 14 September 2027. The 2022 OCEANEs, with a par value of EUR 100,000 each, bear a 2.875% annual nominal rate payable semi-annually (14 March and 14 September) and are convertible or exchangeable at any time by the delivery of 2,118.0805 new or existing Share for one 2022 OCEANE56F

57

, subject to additional adjustments provided for in the terms and conditions of the 2022 OCEANEs and under the conditions set out therein. To the Offeror's knowledge, 3,000 2022 OCEANEs are outstanding as of the date of the Draft Offer Document. The 2022 OCEANEs are listed on Euronext Access under ISIN Code FR001400CMS2.


2022年9月14日,公司发行了3,000份2022年OCEANEs,截止日期为2027年9月14日。这些2022年OCEANEs的面值为每份100,000欧元,年名义利率为2.875%,半年支付一次(分别在3月14日和9月14日),可随时通过交付2,118.0805份新的或现有股份换取一份2022年OCEANE56F。

57

根据2022年OCEANEs条款和条件规定的额外调整。根据提议者的知识,截至草案要约文件日期,尚有3,000份2022年OCEANEs未到期。2022年OCEANEs在Euronext Access上市,ISIN代码为FR001400CMS2。



1.8.19 Tenders to the Offer


1.8.19 向要约的投标



Holders of OCEANEs are entitled to tender their OCEANEs to the Offer, in accordance with the terms and conditions described in this Press Release.


OCEANEs的持有者有权根据本新闻稿中描述的条款和条件,向要约投标他们的OCEANEs。



1.8.20 Early redemption in the event of a Change of Control


1.8.20 在控制权变更事件发生时的提前赎回



Completion of the Block Trade Acquisition resulted in a "Change of Control" of the Company under the terms and conditions of the OCEANEs.


区块交易收购的完成导致根据OCEANEs的条款和条件,公司的"控制权变更"。



In accordance with the terms and conditions of the OCEANEs, upon the occurrence of such a Change of Control, any holder of OCEANEs may, at its option request, from the Company, the early redemption in cash of all, but not some only, of the OCEANEs held by such holder at par value plus interest accrued from (and including) the last interest payment date to (but excluding) the relevant optional redemption date in accordance with the terms and conditions of the OCEANEs.


根据OCEANEs的条款和条件,在发生此类控制权变更后,任何OCEANEs的持有者可以根据其选择请求,要求公司提前以现金赎回其所持有的全部OCEANEs,而非部分OCEANEs,赎回价格为面值加上从(包括)上一次利息支付日到(不包括)相关可选赎回日期的 accrued 利息,依据OCEANEs的条款和条件。



The price of such early repayment would be EUR 46.44 for the 2020 OCEANEs and EUR 101,382.00 for the 2022 OCEANEs, based on a latest anticipated early repayment date on 7 March 2025, and assuming up to 30 calendar days after completion of the Block Trade Acquisition for the Company to publish a notification of the Change of Control and then additionally up to 25 to 30 business days (

jours ouvrés

) to proceed with the early repayment.


此类提前偿还的价格为2020年OCEANEs为46.44欧元,2022年OCEANEs为101,382.00欧元,基于最新预计的提前还款日期为2025年3月7日,并假设在区块交易完成后,公司有最多30个日历天发布控制权变更的通知,然后另外最多有25至30个工作日(

工作日

) 以继续进行提前还款。



The Company will inform the holders of OCEANEs of the Change of Control resulting from the Completion of the Block Trade Acquisition by means of a notice distributed by the Company and posted on its website (



) as well as in a notice to be issued by Euronext Paris no later than 30 calendar days following the effective Change of Control (i.e., date of completion of the Block Trade Acquisition).


公司将通过公司发布的通知以及在其网站上发布的信息,通知OCEANEs的持有者关于由于区块交易收购的完成而导致的控制权变更(



) 以及在Euronext Paris不得晚于自有效控制权变更之日起30天内发行的通知中。



These notices are expected to remind the holders of OCEANEs that they have the right to request the early redemption of their OCEANEs and to indicate (i) the early redemption date which would be between the 25

th

and the 30

th

business day (

jours ouvrés

) following the distribution date of the notice by the Company, (ii) the redemption price and (iii) the period, of at least 15 business days (

jours ouvrés

) following the publication of the notice by the Company, during which the early redemption requests for the OCEANEs must be received by the centralizing agent.


这些通知预计将提醒OCEANEs的持有者,他们有权要求提前赎回其OCEANEs,并指明 (i) 提前赎回日期将在25

th

和30

th

个工作日(

工作日

) 自公司通知的分发日期起,(ii) 赎回价格和 (iii) 至少15个工作日的期间(

工作日

) 自公司发布通知之日起,期间必须在此期间内,OCEANEs的提前赎回请求必须由集中代理商接收。



To obtain early redemption of the OCEANEs, holders of OCEANEs must file a request with the financial intermediary holding their OCEANEs in a securities account. Any such demand may not be revoked once it is received by the relevant financial intermediary.


要获得OCEANEs的提前赎回,OCEANEs的持有人必须向持有其OCEANEs的金融中介提交请求。收到后,该请求不得被撤回。



Requests for early redemption and the corresponding OCEANEs must be received by the centralizing agent no later than the fifth business day (

jours ouvrés

) before the early redemption date.


提前赎回的请求及相应的OCEANEs必须在第五个工作日内提交至集中代理商(

工作日

) 在提前赎回日之前。



In such case, the OCEANEs, where an early redemption was requested, will be redeemed at a price equal to par plus accrued interests from the date the interest was last paid preceding the date of early redemption, to the date set for the early redemption.


在这种情况下,如请求提前赎回的OCEANE将以面值加上自上次支付利息日期至提前赎回日期的应计利息的价格进行赎回。



1.8.21 Rights of the holders of OCEANEs in the event of a public offer


1.8.21 OCEANE持有人的权利,如发生公开要约



(h) Conversion or exchange of the OCEANEs in the event of an offer


(h) 在有要约的情况下,对OCEANE的转换或交换



In accordance with the terms and conditions of the OCEANEs, and if the Offer is cleared by the AMF, the opening of the Offer will result in an adjustment of the conversion/exchange ratio of Shares during the Adjustment Period (as defined below) in accordance with the following formula (the result will be rounded off in accordance with the terms and conditions of issuance of the OCEANEs)


根据OCEANE的条款和条件,如果要约获得法国金融市场管理局(AMF)的批准,要约的开启将在调整期间(定义如下)根据以下公式调整股票的转换/交换比例(结果将根据OCEANE发行条款和条件进行四舍五入)



NCER = CER x [1 + ICEP x (c / t)]


NCER = CER x [1 + ICEP x (c / t)]



where:


其中:



  • "NCER" means the OCEANEs new conversion/exchange ratio applicable during the Adjustment Period (rounded to three decimal places, with 0.0005 being rounded up to the nearest thousandth, i.e. 0.001);

  • "CER" means the conversion/exchange ratio in effect prior to the Offer opening date, such conversion/exchange ratio being 1.176 Share for one 2020 OCEANE, and 2,118.0805 Shares for one 2022 OCEANE;

  • "ICEP" means 40% for the 2020 OCEANEs and 35% for the 2022 OCEANEs;

  • "c" means the actual number of calendar days from the Offer opening date (inclusive) to the maturity date (exclusive), with the maturity date being 2 June 2025 for the 2020 OCEANEs and 14 September 2027 for the 2022 OCEANEs; and

  • "t" means the actual number of calendar days from the issue date of the OCEANEs (inclusive) (such date being 2 June 2020 for the 2020 OCEANEs and 14 September 2022 for the 2022 OCEANEs) to the maturity date (exclusive) (such number of days being 1,826 for the 2020 OCEANEs and for the 2022 OCEANEs).

  • "NCER"是指在调整期间适用的新OCEANE转换/交换比例(四舍五入到小数点后三位,0.0005向上四舍五入到最接近的千分之一,即0.001);

  • "CER"是指在要约开启日期之前有效的转换/交换比例,该转换/交换比例为1.176股换1份2020 OCEANE,以及2,118.0805股换1份2022 OCEANE;

  • "ICEP" 指的是2020年OCEANEs的40%和2022年OCEANEs的35%;

  • "c" 指的是从要约开始日期(包括)到到期日期(不包括)之间的实际日历天数,其中2020年OCEANEs的到期日期为2025年6月2日,2022年OCEANEs的到期日期为2027年9月14日; 并且

  • "t" 指的是从OCEANEs的发行日期(包括)(该日期为2020年6月2日,适用于2020年OCEANEs,2022年9月14日,适用于2022年OCEANEs)到到期日期(不包括)之间的实际日历天数(此数量为2020年OCEANEs的1,826天,适用于2022年OCEANEs)。


As a result of the Offer, the adjusted conversion/exchange ratios (or NCERs) are 1.208 for the 2020 OCEANEs and 2,506.608 for the 2022 OCEANEs, based on an opening date of the Offer on 30 January 2025, as set out in the indicative timetable in Section 2.10. As the ratios are dependent on the opening date of the Offer, they would be modified in the event of a postponement or advancement of this date.


由于要约的结果,调整后的转换/交换比率(或NCERs)为2020年OCEANEs的1.208和2022年OCEANEs的2,506.608,基于2025年1月30日的要约开始日期,如第2.10节中的指示时间表所示。由于比率依赖于要约的开始日期,因此在该日期推迟或提前的情况下将进行修改。



The adjustment of the conversion/exchange ratios, as set out above, will, pursuant to the terms and conditions of the respective OCEANEs exclusively benefit to the holders of OCEANEs who will exercise their conversion/exchange right, between (and including):


如上所述的转换/交换比率的调整,依据各自OCEANEs的条款和条件,将专门惠及在(包括)之间行使其转换/交换权的OCEANEs持有者,



  • The opening date of the Offer; and

  • The earlier of (A) (i) the date that is ten (10) business days57F

    58

    after the date of publication by the AMF of the notice of result of the Offer, or (ii) if Brookfield Renewable Holdings withdraws the Offer, the date on which such withdrawal is published, and (B) the date that is the 7

    th

    trading day58F

    59

    preceding the maturity date or the early redemption.

  • 要约的开始日期; 和

  • 较早的(A)(i)日期为十(10)个工作日57F

    58

    在AMF发布要约结果通知后的日期,或者(ii)如果Brookfield Renewable Holdings撤回要约,则该撤回公告发布的日期,以及(B)到期日或提前赎回日期前的第7个交易日

    th

    交易日58F

    59

    到期日或提前赎回日的前一个交易日


This period is referred to as the "

Adjustment Period

".


此期间称为"

Adjustment Period

".



If the right to the conversion/exchange of Shares is exercised during the Adjustment Period, the corresponding Shares will be delivered within a maximum period of three (3) business days from the date of exercise.


如果在调整期间行使了股份的转换/交换权利,相应的股份将在行使之日起最多三(3)个工作日内交付。



In the event of an adjustment, the Company will inform the holders of OCEANEs by means of a notice distributed by it and posted on its website (



). This adjustment will also be the subject of a notice circulated by Euronext Paris within the same timeframe as may be required by applicable rules and regulations.


在调整发生时,公司将通过通知告知OCEANEs的持有人,并在其网站上发布(



)。此项调整也会在适用规则和法规要求的同一时间内由Euronext Paris发布通知。



(i) Early redemption if the outstanding 2020 OCEANEs represent less than 15% of the total outstanding 2020 OCEANEs and if the outstanding 2022 OCEANEs represent less than 20% of the total outstanding 2020 OCEANEs


(i) 如果未偿还的2020年OCEANEs代表的比例低于总未偿还的2020年OCEANEs的15%,并且未偿还的2022年OCEANEs代表的比例低于总未偿还的2020年OCEANEs的20%,则可提前赎回。



In accordance with the terms and conditions of the OCEANEs, the Company may, at its discretion and at any time, but subject to giving at least 30 calendar days' notice (and a maximum of 90 calendar days), redeem at par all of the relevant remaining outstanding OCEANEs, if they represent less than 15% of the number of the 2020 OCEANEs issued with respect to the 2020 OCEANEs and if they represent less than 20% of the number of the 2022 OCEANEs issued with respect to the 2022 OCEANEs.


根据OCEANEs的条款和条件,公司可以在其自行决定的任何时间,但须提前至少30个日历天通知(最多90个日历天),以面值赎回所有相关的未偿还OCEANEs,如果它们代表的比例低于发行的2020年OCEANEs数量的15%以及如果它们代表的比例低于发行的2022年OCEANEs数量的20%。



In the event a Squeeze-Out procedure is implemented in relation to the Shares only, Brookfield Renewable Holdings reserves the right to request that the Company carry out such early redemption in due course. Holders of OCEANEs will, however, retain the right to exercise their right to the allocation of Shares up to and including the 7

th

business day preceding the date set for early redemption. The conversion/exchange ratios shall be equal to the relevant NCER if the allocation right is exercised during the Adjustment Period, or equal to the relevant conversion/exchange ratios in force outside of the Adjustment Period and indicated in Section 2.6.


在仅与股份相关的挤出程序实施的情况下,布鲁克菲尔德可再生能源控股有权要求公司适时进行提前赎回。然而,OCEANEs的持有人仍保留在提前赎回日期之前的7个工作日内行使其股份分配权的权利。

th

如果在调整期间行使分配权,转换/交换比例应等于相关的NCER,或在调整期间外应等于第2.6节中指明的相关转换/交换比例。



(j) Early redemption in the event that the Shares are delisted


(j) 如果股份被摘牌,提前赎回



In accordance with the terms and conditions of the OCEANEs, if the Shares are no longer admitted to trading on Euronext Paris or any other regulated market (a "

Delisting

") (which would be the case if the Squeeze-Out is implemented, see Section 1.2.7 regarding the intent of Brookfield Renewable Holdings regarding the Squeeze-Out and delisting), any holder of OCEANEs may, at its option request, from the Company, the early redemption in cash of all, but not some only, of the OCEANEs held by such holder at par value, being EUR 46.20 for the 2020 OCEANEs and EUR 100,000 for the 2022 OCEANEs, plus interest accrued from (and including) the last interest payment date to (but excluding) the relevant optional redemption date in accordance with the terms and conditions of the OCEANEs.


根据OCEANEs的条款和条件,如果股份不再在巴黎泛欧交易所或任何其他受监管市场上交易(此情况出现时,称为"

摘牌

"(如果实施强制收购,见第1.2.7节关于布鲁克菲尔德可再生能源控股公司强制收购和摘牌的意图),任何OCEANEs的持有人可根据其选择请求公司提前以现金方式赎回其所持有的所有OCEANEs,而非部分赎回,赎回价格为2020年OCEANEs的每份面值46.20欧元和2022年OCEANEs的每份面值100,000欧元,加上从(且包括)最后一次利息支付日期到(但不包括)相关的可选赎回日期期间累计的利息,依照OCEANEs的条款和条件。



The Company will inform the holders of OCEANEs of the Delisting by means of a notice distributed by the Company and posted on its website (



) as well as in a notice to be issued by Euronext Paris no later than 30 calendar days following the effective Delisting.


公司将通过公司分发的通知以及发布在其网站上的内容(



)以及巴黎泛欧交易所在有效摘牌后不超过30个日历日内发布的通知告知OCEANEs的持有人摘牌消息。



These notices are expected to remind the holders of OCEANEs that they have the right to request the early redemption of their OCEANEs and to indicate (i) the early redemption date which would be between the 25

th

and the 30

th

business day (

jours ouvrés

) following the distribution date of the notice by the Company, (ii) the redemption amount and (iii) the period, of at least 15 business days (

jours ouvrés

) following the distribution date of the notice by the Company, during which the early redemption requests for the OCEANEs must be received by the centralizing agent.


预计这些通知将提醒OCEANEs的持有人,他们有权请求提前赎回其OCEANEs,并指明(i)提前赎回日期,这将是在25号

th

和30

th

商业日(

营业日

)在公司通知的分配日期之后,(ii) 赎回金额以及(iii) 期限,至少为15个商业日(

营业日

)在公司通知的分配日期之后,在此期间,OCEANEs 的提前赎回请求必须在集中代理处收到。



To obtain early redemption of the OCEANEs, holders of OCEANEs must file a request with the financial intermediary holding their OCEANEs in a securities account. Any such demand may not be revoked once it is received by the relevant financial intermediary.


为了获得OCEANEs的提前赎回,OCEANEs的持有人必须向持有其OCEANEs的金融中介提交请求,该OCEANEs存放在证券账户中。 一旦相关金融中介收到该请求,任何此类要求均不得撤回。



Requests for early redemption and the corresponding OCEANEs must be received by the centralizing agent no later than the fifth business day (

jours ouvrés

) before the early redemption date.


提前赎回的请求及相应的OCEANE必须在第五个工作日前由集中代理人接收(

工作日

)在提前赎回日期之前。



In such case, the OCEANEs, where an early redemption was requested, will be redeemed at a price equal to par plus accrued interests from the date the interest was last paid preceding the date of early redemption, to the date set for the early redemption.


在这种情况下,要求提前赎回的OCEANE将以等于面值加上从上次支付利息之日起至设置的提前赎回日期之间所累积的利息的价格赎回。



Such early redemption may be decided under the above-mentioned conditions in the event a Squeeze-Out procedure is implemented in relation to the Shares only, especially in the event the OCEANEs are not redeemed before such date.


在实施与股票相关的挤出程序时,提前赎回可根据上述条件决定,特别是在OCEANE未在该日期之前赎回的情况下。



1.9 Terms and conditions of the Offer


1.9 要约的条款和条件



A notice of filing of the Offer will be published on the AMF website (



). In accordance with the provisions of Article 231-16 of the AMF General Regulation.


关于要约的提交通知将在AMF网站上发布(



)。根据AMF通用条例第231-16条的规定。



The Draft Offer Document is made available to the public free of charge at the office of Brookfield Renewable Holdings, and with the Presenting Banks and will be published on the websites of the AMF (



), the Offeror (neoen-offer-brookfield.com) and the Company (



).


草案要约文件免费向公众提供,地点在布鲁克菲尔德可再生能源控股公司的办公室,以及在主办银行处,并将在AMF(



)、要约方(neoen-offer-brookfield.com)和公司(



).



The draft Offer and the Draft Offer Document remain subject to review by the AMF.


草案要约及草案要约文件仍需接受AMF的审核。



The AMF will declare the Offer compliant after having verified its conformity with the legal provisions applicable to it and will publish the declaration of conformity on its website (



). This declaration of conformity issued by the AMF will serve as the approval ("

visa

") of the offer document and will only occur after the Company has filed a draft response document to the Draft Offer Document.


AMF将在核实其遵循的法律条款后宣布要约合规,并将在其网站上发布合规声明(



)。AMF出具的这份合规声明将作为要约文件的批准("

签证

)仅在公司向草案要约文件提交草案回应文件后才会发生。



The offer document having thus received the AMF's approval ("

visa

") and the document containing the "Other Information" relating to the legal, financial, accounting and other characteristics of the Offeror will, in accordance with the provisions of Articles 231-27 and 231-28 of the AMF General Regulation, be made available to the public free of charge, no later than the day before the opening of the Offer, at the office of Brookfield Renewable Holdings, and with the Presenting Banks. These documents will also be published on the websites of the AMF (



), the Offeror (neoen-offer-brookfield.com) and the Company (



).


因此,该要约文件已获得AMF的批准("

签证

)以及包含与要约方的法律、财务、会计和其他特征相关的"其他信息"的文件,将根据AMF一般规章第231-27条和第231-28条的规定,自要约开盘前一天起,免费提供给公众,地点在布鲁克菲尔德可再生能源控股的办公室,以及与现有银行一起。这些文件还将在AMF(



)要约方(neoen-offer-brookfield.com)和公司(



).



A press release specifying the terms and conditions for making these documents available will be issued no later than the day before the opening of the Offer in accordance with the provisions of Articles 231-27 and 231-28 of the AMF General Regulation.


将在要约开盘前一天根据AMF一般规章第231-27条和第231-28条的规定发布新闻稿,具体说明这些文件的提供条款和条件。



Prior to the opening of the Offer, the AMF will publish a notice of opening and the timetable of the Offer and Euronext Paris will publish a notice setting out the content of the Offer and specifying the timetable and terms of its realisation.


在要约开盘前,AMF将发布开盘通知和要约的时间表,泛欧巴黎交易所将发布通知,列出要约的内容,并指定其实施的时间表和条款。



1.10 Procedure for tendering in the Offer


1.10 要约申请程序



The Offer will be open for a period of 21 Trading Days.


报价将开放21个交易日。



The attention of the Company's shareholders is drawn to the fact that, as the Offer will be conducted following the simplified procedure, in accordance with the provisions of Articles 233-1 et seq. of the AMF General Regulation, it will not be reopened following the publication of the result of the Offer.


公司的股东应注意,基于报价将按照简化程序进行,根据AMF通用规定第233-1条及其后的条款,它在公布报价结果后不会重新开放。



The Shares and OCEANEs tendered in the Offer must be freely negotiable and free from any lien, pledge, collateral or other security or restriction of any kind on the free transfer of their ownership. The Offeror reserves the right to reject, in its sole discretion, any Shares or OCEANEs tendered in the Offer that do not fulfil this condition.


在报价中提交的股份和可转换债券必须能够自由交易,并且不受任何留置权、质押、抵押或其他任何形式的安防和转让限制。报价方保留全权拒绝任何未满足该控件的股份或可转换债券的权利。



Shareholders whose Shares are in "pure" registered form ("

nominatif pur

") in the account register of the Company may request that their Shares be converted into "administrative" registered form ("

nominatif administré

") in order to tender their securities in the Offer, unless they have already requested their conversion to bearer form ("

au porteur

"). It is specified that the conversion to bearer form of Shares held in registered form will result in the loss for such shareholders of the benefits associated with holding such Shares in registered form. Notwithstanding the foregoing, shareholders whose securities are held in "pure" registered form will also have the possibility to tender their securities to the semi-centralized Offer through Euronext Paris without prior conversion into bearer or "administered" registered form through Uptevia acting as registrar of the Shares.


股东在公司账户登记册中持有“纯”注册形式(

nominatif pur

)的股份可以要求将其股份转换为“行政”注册形式(

nominatif administré

)以便在该报价中提交其证券,除非他们已经请求将其转换为持有人形式(

持有人

)。规定将以登记形式持有的股份转换为无记名形式将导致这些股东失去以登记形式持有股份的相关权益。尽管如此,以“纯”登记形式持有证券的股东仍然可以通过位于巴黎的欧元证券交易所向半集中式要约提交其证券,而无需事先转换为无记名或“管理”登记形式,Uptevia将作为股份的登记人。



Shareholders and holders of OCEANEs of the Company whose Shares or OCEANEs are registered with a financial intermediary and who would like to tender their Shares or OCEANEs in the Offer must submit to their financial intermediary (bank, credit institution, investment firm, etc.) holding their Shares or OCEANEs a tender or sale order at the Offer Price per Share, the Offer Price per 2020 OCEANE or the Offer Price per 2022 OCEANE59F

60

(as applicable), in time for their order to be executed, by specifying whether they opt either for the sale of their Shares or OCEANEs directly on the market or for the tender of their Shares or OCEANEs in the semi-centralised Offer by Euronext Paris in order to benefit from the reimbursement of the brokerage fees by the Offeror under the conditions described in Section 2.13 below. Shareholders and holders of OCEANEs shall contact their respective financial intermediaries to obtain information on the potential constraints and the deadlines of each of these intermediaries as well as on their own procedures for treating orders to be able to tender their securities to the Offer.


希望以要约方式出售其股份或OCEANE的公司的股东以及OCEANE持有人,其股份或OCEANE在金融中介处注册,必须向持有其股份或OCEANE的金融中介(银行、信贷机构、投资公司等)提交以每股要约价格、2020年OCEANE的要约价格或2022年OCEANE的要约价格的申购或出售订单59F。

60

(视情况而定),为了使其订单得以执行,必须及时提交申购或出售订单,明确选择是直接在市场上出售股份或OCEANE,还是在欧元证券交易所进行半集中式要约,以便根据下面第2.13条的规定享受要约方的佣金费用报销。股东和OCEANE持有人应联系各自的金融中介,以获取关于每个中介可能的限制和截止日期以及他们自己处理订单程序的信息,从而能够向要约提交其证券。



Orders to tender Shares or OCEANEs in the Offer will be irrevocable.


提交股份或OCEANE的要约订单将是不可撤回的。



The Offer and all related agreements are subject to French law. Any dispute or litigation of any nature whatsoever relating to the Offer will be brought before the competent courts.


要约及所有相关协议均受法国法律的管辖。与要约相关的任何性质的争议或诉讼将提交给有管辖权的法院。



The transfer of ownership of the Shares and OCEANEs tendered in the Offer and all of the rights attached thereto (including the right to dividends) will occur on the date of registration in the Offeror's account, in accordance with the provisions of Article L. 211-17 of the French Monetary and Financial Code. It is reminded, if need be, that any amount due in connection with the tendering of the Shares and OCEANEs in the Offer will not bear interest and will be paid on the settlement-delivery date.


在要约中提交的股份和OCEANE的所有权转移以及与之相关的所有权利(包括分红权)将在要约方账户登记之日发生,符合法国货币与金融法第L. 211-17条的规定。需要提醒的是,与股份和OCEANE在要约中提交相关的任何款项将不计利息,并将在结算交割日支付。



1.10.22 Procedure for tendering in the Offer directly on the market


1.10.22 直接在市场上投标的程序



Shareholders and holders of OCEANEs of the Company who wish to tender their Shares and/or OCEANEs to the Offer may sell their Shares and/or OCEANEs on the market. They must submit their sale orders no later than the last day of the Offer and the settlement and delivery of the Shares and OCEANEs sold will take place on the second trading day following the day of execution of the orders, it being specified that the trading costs (including the corresponding brokerage fees and value-added tax ("VAT")) relating to these transactions will remain entirely at the expense of the shareholders or holders of OCEANEs tendering their Shares and/or OCEANEs in the Offer.


希望向要约投标的公司的股东和可转换债券持有者可以在市场上出售他们的股票和/或可转换债券。他们必须在要约的最后一天之前提交销售订单,出售的股票和可转换债券的结算和交付将在订单执行后的第二个交易日进行,且交易费用(包括相应的经纪费用和增值税("VAT"))将完全由向要约投标的股东或可转换债券持有者承担。



Société Générale, investment services provider qualified as a member of the bidding market to purchase, will acquire, on behalf of the Offeror, all Shares and OCEANEs which will be tendered in the Offer. As 2022 OCEANEs are trading in percentage of par value, those instruments will be purchased at 101.382% of the par value of EUR 100,000 per 2022 OCEANE, which corresponds to EUR 101,382.00.


法国兴业银行,作为合格的投资服务提供商,将代表要约人收购所有将在要约中投标的股票和可转换债券。2022年可转换债券以面值的百分比交易,这些金融工具将以每份2022年可转换债券面值100,000欧元的101.382%进行购买,相当于101,382.00欧元。



1.10.23 Procedure for tendering in the semi-centralised Offer by Euronext Paris


1.10.23 在巴黎泛欧交易所半集中要约的投标程序



A procedure for tendering in the semi-centralised Offer has been set by Euronext Paris to allow for the reimbursement of the brokerage fees by the Offeror, under the conditions described in the Section 2.13 below.


巴黎泛欧交易所设立了半集中要约的投标程序,以便根据下面第2.13节中描述的条件由要约人报销经纪费用。



Shareholders and holders of OCEANEs of the Company who wish to tender their Shares and/or OCEANEs in the semi-centralized Offer by Euronext Paris must submit their sale offers to the financial intermediary with which their Shares or OCEANEs are deposited no later than the last day of the Offer (subject to specific time limits for certain financial intermediaries). The settlement-delivery will then occur after the completion of the semi-centralization transactions.


希望在巴黎泛欧交易所半集中要约中投标其股票和/或可转换债券的公司的股东和可转换债券持有者必须在要约的最后一天之前将其销售报价提交给其股票或可转换债券存放的金融中介(特定金融中介可能有具体的时间限制)。结算交付将在半集中交易完成后进行。



In this context, the Offeror will bear the brokerage fees of the shareholders and holders of OCEANEs, under the conditions described in Section 2.13 below.


在这种情况下,要约人将根据下面第2.13节中描述的条件承担股东和可转换债券持有者的经纪费用。



Euronext Paris will pay directly to the financial intermediaries the amounts due for the reimbursement of the fees mentioned below, as from the settlement-delivery date of the semi-centralization.


巴黎泛欧交易所将直接向金融中介支付以下提及费用的偿还款项,自半集中结算交付日期起。



1.11 Offeror's right to purchase Shares and OCEANEs during the Offer period


1.11 要约人在要约期间购买股份和OCEANE的权利



As from the publication by the AMF of the main provisions of the draft Offer, and until the opening of the Offer, the Offeror reserves the right to purchase Shares or OCEANEs, on or off-market, in accordance with the provisions of Articles 231-38 and 231-39 of the AMF General Regulation, within the limits set forth in Article 231-38, IV of the AMF General Regulation, corresponding to a maximum of 30% of the existing Shares, 30% of the existing 2020 OCEANEs and 30% of the existing 2022 OCEANEs targeted by the Offer, respectively at the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE, i.e. a maximum of 21,214,001 Shares, 1,103,895 2020 OCEANEs and 900 2022 OCEANEs as of the date of the Draft Offer Document.


自法国金融市场管理局(AMF)发布要约草案的主要条款起,直至要约开盘,要约人保留按照AMF一般法规第231-38和231-39条的规定,在市场内外购买股份或OCEANE的权利,限于AMF一般法规第231-38条IV规定的,最多为现有股份的30%、2020年OCEANE的30%和2022年OCEANE的30%,对应的价格为每股要约价、每个2020年OCEANE的要约价和每个2022年OCEANE的要约价,最多为21,214,001股、1,103,895个2020年OCEANE和900个2022年OCEANE,以草案要约文件日期为准。



Such acquisitions, if any, will be declared to the AMF and published on the AMF website in accordance with applicable regulations. This information will also be published, in French and in English, on the website of the Offeror (neoen-offer-brookfield.com) and will thus be available to the Company's shareholders residing in the United States of America.


如有此类收购,将向AMF申报,并根据适用规定在AMF网站上发布。该信息还将在要约人(neoen-offer-brookfield.com)的网站上以法语和英语发布,因此可以提供给居住在美国的公司的股东。



1.12 Indicative timetable of the Offer


1.12 要约的指示时间表

















































Dates



Principal Steps of the Offer


2 January 2025

Filing of the draft Offer and the Draft Offer Document of the Offeror with the AMF
Offeror's Draft Offer Document made available to the public and posted to the websites of the AMF (



), the Offeror (neoen-offer-brookfield.com) and the Company (



)
Publication by the Offeror of a press release announcing the filing of the Offer and availability of the Draft Offer Document

2 January 2025

Company's draft response document filed with the AMF, including the reasoned opinion of the Company's board of directors and the independent expert's report
Company's draft response document made available to the public and posted to the websites of the AMF (



) and the Company (



)
Publication by the Company of a press release announcing the filing of the Offer and availability of Company's draft response document

28 January 2025

Declaration of conformity of the Offer issued by the AMF, which serves as the approval ("

visa

") of the Offeror's offer document and the Company's response document

28 January 2025

Filing of the information relating to the Offeror's legal, financial, accounting and other characteristics with the AMF
Filing of the information relating to the Company's legal, financial, accounting and other characteristics with the AMF

28/29 January 2025

Offeror's offer document and information relating to its legal, financial, accounting and other characteristics are made available to the public and posted to the websites of the AMF (



), the Offeror (neoen-offer-brookfield.com) and the Company (



)
Publication by the Offeror of a press release specifying the terms and conditions for making the offer document and the information relating to the legal, financial, accounting and other characteristics of the Offeror available to the public
Company's response document and information relating to its legal, financial, accounting and other characteristics made available to the public and posted to the websites of the AMF (



) and the Company (



)
Publication by the Company of a press release specifying the terms and conditions for making the response document and the information relating to the legal, financial, accounting and other characteristics of the Company available to the public

30 January 2025

Opening of the Offer

27 February 2025

Closing of the Offer

4 March 2025

Publication of the notice of result of the Offer by the AMF

10 March 2025

Settlement-delivery of the semi-centralized Offer by Euronext Paris

24 March 2025

Implementation of the Squeeze-Out procedure, if applicable


日期



要约的主要步骤


2025年1月2日

向AMF提交要约人草案要约及草案要约文件的申请
要约人草案要约文件已公开并发布在AMF(



)、要约人(neoen-offer-brookfield.com)和公司(



)
要约人发布新闻稿,宣布提交要约及草案要约文件的可用性

2025年1月2日

公司向AMF提交的草案回应文件,包括董事会的理由意见和独立专家的报告
公司草案回应文件已公开并发布在AMF(



) 和公司(



)
公司发布新闻稿,宣布提交要约及公司草拟回复文件的可用性

2025年1月28日

由AMF发布的要约符合性声明,作为要约人要约文件及公司回复文件的批准("

签证

)和要约人的要约文件以及公司的回复文件

2025年1月28日

向AMF提交与要约方的法律、财务、会计及其他特征相关的信息
向AMF提交与公司的法律、财务、会计及其他特征相关的信息

2025年1月28/29日

要约方的要约文件及其法律、财务、会计及其他特征相关的信息已向公众提供,并发布在AMF的网站上(



),要约方(neoen-offer-brookfield.com)和公司(



)
要约方发布新闻稿,说明向公众提供要约文件及其法律、财务、会计及其他特征相关信息的条款和条件
公司的回应文件及其法律、财务、会计及其他特征相关的信息已向公众提供,并发布在AMF的网站上(



) 和公司 (



)
公司发布新闻稿,指定提供响应文件以及与公司法律、财务、会计和其他特征相关的信息的条款和条件,以便向公众提供

2025年1月30日

报价开始

2025年2月27日

报价结束

2025年3月4日

AMF发布要约结果公告

2025年3月10日

Euronext Paris进行半集中要约的清算交付

2025年3月24日

实施强制性收购程序(如适用)


1.13 Costs of the Offer


1.13 要约费用



The overall amount of the fees, costs and external expenses incurred by the Offeror in connection with the Offer, including, in particular, fees and other expenses relating to its various legal, financial and accounting advisors and any other experts and consultants is estimated at approximately EUR 50 million (taxes excluded).


要约人因该要约而产生的所有费用、成本和外部支出总额,包括特别是与其各种法律、财务和会计顾问以及其他专家和顾问相关的费用和其他支出,估计约为5000万欧元(不含税)。



1.14 Financing of the Offer


1.14 要约融资



In the event that all of the Shares and OCEANEs targeted by the Offer are tendered in the Offer, the total amount of compensation in cash to be paid by the Offeror to the shareholders and/or holders of OCEANEs of the Company who tendered their Shares and/or OCEANEs in the Offer would amount to EUR 3,305,665,559 (expenses and commissions related to the Offer excluded and excluding the financial transaction tax).


如果所有被要约收购的股份和OCEANEs都参与了要约,那么要约方支付给参与要约的公司股东和/或OCEANEs持有者的现金赔偿总额将达到3,305,665,559欧元(不包括与要约相关的费用和佣金以及金融交易税)。



The financing of the amounts due by the Offeror in connection with the Offer will be financed by:


与要约相关的要约方应支付的金额的融资将通过以下方式筹集:



  • means of shareholder loans from the Offeror's shareholder; and

  • a EUR 600,000,000 bridge term facility and a EUR 400,000,000 revolving facility that will be available to BRHL UK Holdings Limited to finance the Offer. The proceeds of such facilities will also be available to the Company for the purposes of financing the redemption of the OCEANEs (where applicable) and refinancing its existing financing agreements.

  • 来自要约方股东的股东贷款;以及

  • 一项6亿欧元的桥梁定期贷款和一项4亿欧元的循环贷款,这将可用来资助BRHL Uk Holdings Limited的要约。这些贷款的收益也将可用于公司,用于资助OCEANEs的赎回(如适用)和再融资其现有的融资协议。


1.15 Brokerage fees and compensation of intermediaries


1.15 券商费用和中介的补偿



Except as set forth below, no fee or commission will be refunded or paid by the Offeror to a holder who tendered Shares or OCEANEs in the Offer, or to any intermediary or person soliciting the tendering of Shares or OCEANEs in the Offer.


除下文所列外, 要约方不会向参与要约的股份或OCEANEs的持有人或任何中介或招揽股份或OCEANEs参与要约的人退还或支付任何费用或佣金。



The Offeror will bear the brokerage fees and the related VAT paid by the holders of Shares and holders of OCEANEs having tendered their Shares and/or OCEANEs in the semi-centralized Offer, up to a maximum of 0.3% (excluding VAT) of the amount of the Shares and OCEANEs tendered in the Offer with a maximum of EUR 150 per file (including VAT). Shareholders and holders of OCEANEs eligible for the refund of the brokerage fees as described above (and the related VAT) shall only be the holders of Shares and holders of OCEANEs that are registered in an account on the day preceding the opening of the Offer and that tender their Shares and/or OCEANEs in the semi-centralized Offer. Shareholders and holders of OCEANEs who sell their Shares and/or OCEANEs in the market will not be entitled to the said refund of brokerage fees (and related VAT).


要约方将承担在半集中要约中,股份和OCEANEs的持有人所支付的券商费用及相关增值税,最高为要约中所参与的股份和OCEANEs金额的0.3%(不包括增值税),每个文件最高150欧元(包括增值税)。符合上述描述(以及相关增值税)可退还券商费用的股东和OCEANEs持有人,必须在要约开始前一天注册在账户上,并在半集中要约中参与拍卖股份和/或OCEANEs。 在市场上出售其股份和/或OCEANEs的股东和OCEANEs持有人将不享有上述券商费用(和相关增值税)的退款。



1.16 Offer restrictions outside of France


1.16 提供法国以外的要约限制



The Offer has not been subject to any application for registration or approval by any financial market regulatory authority other than the AMF and no measures will be taken in this respect.


该要约未向任何金融市场监管机构申请注册或批准,除了法国金融市场管理局(AMF),并且不会采取任何措施。



The Offer is therefore made to shareholders and holders of OCEANEs of the Company located in France and outside France, provided that the local law to which they are subject allows them to take part in the Offer without requiring that the Offeror complete additional formalities.


因此,该要约针对位于法国及法国以外的公司股东和OCEANEs持有人,前提是他们所适用的当地法律允许他们参与要约而无需要约方完成额外的手续。



Publication of the Draft Offer Document, the Offer, the acceptance of the Offer and the delivery of the Shares or OCEANEs may, in certain jurisdictions, be subject to specific regulations or restrictions. Accordingly, the Offer is not directed at persons subject to such restrictions, either directly or indirectly, and must not be accepted from any jurisdiction where the Offer is subject to restrictions.


草案要约文件、要约、接受要约及股份或OCEANEs的交付在某些法域可能受到具体法规或限制的约束。因此,该要约不针对受此类限制影响的人,无论是直接还是间接,且不得在任何该要约受限制的法域接受。



Neither the Draft Offer Document nor any other document relating to the Offer constitutes an offer to sell or acquire financial instruments or a solicitation of such an offer in any jurisdiction in which such an offer or solicitation would be unlawful, could not validly be made, or would require the publication of a prospectus or the completion of any other formality under local financial law. Holders of Shares and OCEANEs located outside of France may only participate in the Offer to the extent that such participation is permitted under the local law to which they are subject.


草案要约文件及与要约相关的任何其他文件都不构成在任何法域内出售或收购金融工具的要约或对此类要约的请求,特别是在此类要约或请求在法律上是非法的,无法有效进行,或需要根据当地金融法律发布招股说明书或完成任何其他手续的情况下。位于法国以外的股份及OCEANEs持有人仅在其所适用的当地法律允许的情况下参与该要约。



Accordingly, persons in possession of the Draft Offer Document are required to obtain information regarding any applicable local restrictions and to comply with such restrictions. Failure to comply with such restrictions may constitute a violation of applicable securities laws.


因此,持有草案要约文件的人需获取有关任何适用的当地限制的信息并遵守这些限制。如果未遵守这些限制,可能会构成违反适用的证券法律。



The Offeror shall not be liable for any breach by any person of any applicable legal or regulatory restrictions.


要约方对任何人违反任何适用的法律或监管限制不承担任何责任。





United States of America





美利坚合众国




The Offer is being made for the securities of Neoen, a company incorporated under the laws of France, and is subject to French disclosure and procedural requirements, which differ from those of the United States of America.


该要约是针对在法国法律下注册的Neoen公司的证券,受法国信息披露和程序要求的约束,这些要求与美国的要求不同。



The Offer will be made in the United States of America in accordance with section 14(e) of the U.S. Securities Exchange Act of 1934, as amended (the "

US Exchange Act

"), the rules and regulations promulgated thereunder, including Regulation 14E after application of the exemptions provided by Rule 14d-1(d) of the U.S. Exchange Act (the "Tier II Exemption") and the requirements of French law. Accordingly, the Offer will be subject to certain disclosure and procedural rules, including those relating to the timing of settlement (including as regards the time when the payment of the consideration is rendered) and the purchase of Shares outside the Offer, which are different from the U.S. rules and practices relating to tender offers in the United States of America.


该要约将根据修订后的1934年美国证券交易法第14(e)节在美国进行("

美国交易所法案

“)以及其下所颁布的规章和条例,包括在适用美国交易法第14d-1(d)条款的豁免后所规定的第14E条和法国法律的要求。因此,该要约将遵循某些披露和程序规则,包括与结算时间相关的规则(包括有关支付对价的时间)以及在要约外购买股份的规定,这些规则与美国的相关制度和实践有所不同。



To the extent permissible under applicable laws and regulations, including Rule 14e-5 of the U.S. Exchange Act, and in accordance with French regulations, the Offeror and its affiliates may, directly or indirectly through any financial intermediary, as from the date thereof, and other than pursuant to the Offer, purchase, or arrange, to purchase Shares or OCEANEs, on or off market in accordance with Section 2.9. To the extent that information regarding such purchases or such arrangements is made public in France in accordance with the regulations in force, it will also be made public on the Offeror's website (neoen-offer-brookfield.com) in both French and English language for the purpose of communication to the Company's shareholders and holders of OCEANEs residing in the United States of America as indicated in Section 2.9. In no event will any such purchases be made for a price per Share or OCEANEs that is greater than the respective Offer Price per Share, Offer Price per 2020 OCEANE or Offer Price per 2022 OCEANE. No purchase or arrangement to purchase outside of the Offer will be made by or on behalf of the Offeror in the United States of America.


在适用法律和法规允许的范围内,包括美国交易法第14e-5条款,并根据法国法规,发起人及其关联方可以通过任何金融中介直接或间接进行购买,自该要约日起,除非根据要约进行,否则对股份或OCEANE进行购买或安排。根据现行法规,在法国披露的有关此类购买或安排的信息也将以法语和英语在发起人的网站(neoen-offer-brookfield.com)上披露,以便与在美国居住的公司的股东和OCEANE持有人沟通,如第2.9节所述。在任何情况下,此类购买的每股或每个OCEANE的价格不会高于各自的要约价格。发起人不会在美国进行任何要约外的购买或安排。



Payment of the Offer price to the U.S. shareholders and holders of OCEANEs may be a taxable transaction subject to income tax, including U.S. federal income tax and may be a taxable transaction pursuant to French national or regional tax laws, as well as foreign or other tax laws. It is strongly recommended that each U.S. shareholder and holder of OCEANEs immediately seeks independent professional advice regarding the tax consequences of accepting the Offer.


向美国股东和OCEANE持有人支付报价可能属于应纳税交易,需缴纳所得税,包括美国联邦所得税,并可能根据法国国家或地区税法,以及国外或其他税法而需要纳税。强烈建议每位美国股东和OCEANE持有人立即寻求独立专业意见,以了解接受报价的税务后果。



It may be difficult for U.S. shareholders and holders of OCEANEs to enforce their rights under U.S. federal securities laws because the Offeror and the Company are companies headquartered outside the United States of America and some or all of their respective officers and directors are residents of countries other than the United States of America. The U.S. shareholders and holders of OCEANEs may not be able to bring proceedings in a court outside the United States of America against the Company or its officers or directors alleging violations of U.S. securities laws. In addition, it may also be difficult to compel the Company and its affiliates to comply with judgments rendered by a U.S. court.


由于发起人和公司均为总部设在美国以外的公司,其部分或全部高管和董事为美国以外国家的居民,美国股东和OCEANE持有人可能难以根据美国联邦证券法来维护自己的权利。美国股东和OCEANE持有人未必能够在美国以外的法院对公司或其高管或董事提起诉讼,指控其违反美国证券法。此外,可能也难以迫使公司及其附属机构遵守美国法院作出的判决。



The Draft Offer Document has not been filed with or reviewed by any federal or state market authority or any other regulatory authority in the United States of America (including the U.S. Securities and Exchange Commission), and none of those authorities has commented on the accuracy or adequacy of the information contained in the Draft Offer Document. Any statement to the contrary would be illegal and could constitute a criminal offence.


草案报价文件尚未提交给任何联邦或州市场机构或美国的任何其他监管机构(包括美国证券交易委员会),并且这些机构未对草案报价文件中所含信息的准确性或充分性作出任何评论。任何相反声明都是非法的,并可能构成刑事犯罪。



For the purposes of the foregoing paragraphs, the U.S. and the United States mean the United States of America, its territories and possessions, or any of those States and the District of Columbia.


在上述段落中,美国和美国指的是美利坚合众国及其领土和属地,或任何州和哥伦比亚特区。



1.17 Tax regime of the Offer


1.17 报价的税制



The tax regime of the Offer is described in Section 2.15 "Tax regime of the Offer" of the Draft Offer Document.


报价的税制在草案报价文件的第2.15节"报价的税制"中进行了描述。





  1. SUMMARY OF THE ASSESSMENT OF THE OFFER PRICE




  1. 报价的评估摘要




The tables below present the summary of the valuations derived from the valuation methods considered by the Presenting Banks and the premiums implied by the Offer Price per Share, the Offer Price per 2020 OCEANE and the Offer Price per 2022 OCEANE:


下表展示了根据呈现银行所考虑的评估方法得出的评估汇总,以及每股报价、2020年OCEANE报价和2022年OCEANE报价所暗示的溢价:



1.18 Summary of the information used to assess the Offer Price per Share


1.18 用于评估每股报价的信息摘要



















































































































































































Methodology



References



Implied share price



Premium implied by the Offer Price per Share







Primary valuation methods










Share price


Price at transaction announcement

€31.40

+26.9

%

Volume weighted average price 20 trading days

€30.66

+30.0

%

Volume weighted average price 60 trading days

€28.50

+39.8

%

Volume weighted average price 120 trading days

€27.77

+43.5

%

Volume weighted average price 180 trading days

€27.26

+46.2

%

Lowest 12 months (28-Feb-24)

€22.01

+81.1

%

Highest 12 months (28-May-24)

€32.74

+21.7

%






Block Trade Acquisition


Offer price

€39.85

-







Discounted cash flow


(DCF)


DCF - Central case

€29.43

+35.4

%

Sensitivity - low range

€25.06

+59.0

%

Sensitivity - high range

€34.25

+16.3

%






Indicative valuation methods










Research analysts' target prices


Maximum

€38.00

+4.9

%

Minimum

€26.20

+52.1

%






Trading multiples


Average EV / EBITDA 2024E

€14.10

+182.7

%

Average EV / EBITDA 2025E

€23.78

+67.6

%






Transaction multiples


Average EV / LTM EBITDA

€25.64

+55.4

%


方法论



参考文献



隐含股价



每股报价所隐含的溢价







主要估值方法










股价


交易公告时的价格

€31.40

+26.9

%

成交量加权平均价格 20 个交易日

€30.66

+30.0

%

成交量加权平均价格 60 个交易日

€28.50

+39.8

%

成交量加权平均价格120个交易日

€27.77

+43.5

%

成交量加权平均价格180个交易日

€27.26

+46.2

%

最低12个月(2024年2月28日)

€22.01

+81.1

%

最高12个月(2024年5月28日)

€32.74

+21.7

%






大宗交易收购


报价

€39.85

-







折现现金流


(DCF)


DCF - 中央案例

€29.43

+35.4

%

灵敏度 - 低区间

€25.06

+59.0

%

敏感性 - 高区间

€34.25

+16.3

%






指示性估值方法










研究分析师的目标价格


最大

€38.00

+4.9

%

最小值

€26.20

+52.1

%






交易倍数


平均企业价值 / 税息折旧及摊销前利润 2024E

€14.10

+182.7

%

平均企业价值 / 税息折旧及摊销前利润 2025E

€23.78

+67.6

%






交易倍数


平均企业价值 / 最近十二个月息税折旧摊销前利润

€25.64

+55.4

%


1.19 Summary of the information used to assess the Offer Price per 2020 OCEANE


1.19 用于评估2020年OCEANE的报价价格的信息摘要





































































As of 29 May 2024



2020 OCEANE


Price (€)



Premium implied by the Offer Price per 2020 OCEANE (€48.14)



Historical references



(Bloomberg BGN)





Closing price

€46.93

+2.57

%

3-month average

€45.99

+4.68

%

6-month average

€45.40

+6.03

%

12-month average

€45.03

+ 6.91

%

Minimum price over 12-month

€43.23

+11.35

%

Maximum price over 12-month

€47.38

+1.60

%


Conversion value of the OCEANEs in


case of a Public Offer at an Offer price of €39.85 (Offer Price)




48.14



-




Theoretical value of the OCEANEs




46.73



+3.02



%



Early redemption value of the OCEANEs in case of Change of Control




46.44



+3.66



%



截至2024年5月29日



2020年OCEANE


价格 (€)



由要约价格推导的2020年OCEANE的隐含溢价 (€48.14)



历史参考



(彭博社 BGN)





收盘价

€46.93

+2.57

%

三个月平均

€45.99

+4.68

%

六个月平均

€45.40

+6.03

%

12个月平均

€45.03

+ 6.91

%

12个月最低价格

€43.23

+11.35

%

12个月内的最高价格

€47.38

+1.60

%


OCEANEs的转换价值为


在以39.85欧元(报价)的公开报价情况下




48.14



-




OCEANEs的理论价值




46.73



+3.02



%



在控制权变更的情况下,OCEANEs的提前赎回价值




46.44



+3.66



%



1.20 Summary of the information used to assess the Offer Price per 2022 OCEANE


1.20 用于评估2022年OCEANE报价的信息摘要










































































As of 29 May 2024



2022 OCEANE


Price (€)



Premium implied by the Offer Price per 2022 OCEANE (€101,382)



Historical references



(Bloomberg BGN)





Closing price

€97,700

+3.77

%

3-month average

€94,860

+6.88

%

6-month average

€93,086

+8.91

%

12-month average

€92,329

+9.80

%

Minimum price over 12-month

€87,645

+15.67

%

Maximum price over 12-month

€98,636

+2.78

%


Conversion value of the OCEANEs in


case of a Public Offer at an Offer price of €39.85




99,888



+1.50



%



Theoretical value of the OCEANEs




97,041



+4.47



%



Early redemption value of the OCEANEs in case of Change of Control (Offer price)




101,382



-




截至2024年5月29日



2022年OCEANE


价格(€)



由2022年OCEANE报价(€101,382)所隐含的溢价



历史参考



(彭博社 BGN)





收盘价

€97,700

+3.77

%

3个月平均

€94,860

+6.88

%

6个月平均

€93,086

+8.91

%

12个月平均

€92,329

+9.80

%

12个月内的最低价格

€87,645

+15.67

%

12个月内的最高价格

€98,636

+2.78

%


OCEANEs的转换价值为


在公开要约中,报价为39.85欧元




99,888



+1.50



%



OCEANEs的理论价值




97,041



+4.47



%



在控制权变更的情况下,OCEANEs的提前赎回价值(要约价格)




101,382



-






IMPORTANT DISCLAIMER





重要免责声明




This Press Release has been prepared for information purposes only. It does not constitute an offer to purchase.


本新闻稿仅用于信息目的,并不构成购买要约。



Publication of this Press Release, the Draft Offer Document, the Offer, the acceptance of the Offer and the delivery of the Shares or OCEANEs may, in certain jurisdictions, be subject to specific regulations or restrictions. Accordingly, the Offer is not directed at persons subject to such restrictions, either directly or indirectly, and must not be accepted from any jurisdiction where the Offer is subject to restrictions.


在某些管辖区,本新闻稿、草案要约文件、要约、接受要约及股份或OCEANEs的交付可能受特定法规或限制的约束。因此,该要约不面向受此类限制的人,无论是直接还是间接,且不得从任何对该要约受限的管辖区接受。



Neither this Press Release nor any other document relating to the Offer constitutes an offer to sell or acquire financial instruments or a solicitation of such an offer in any jurisdiction in which such an offer or solicitation would be unlawful, could not validly be made, or would require the publication of a prospectus or the completion of any other formality under local financial law. Holders of Shares and OCEANEs located outside of France may only participate in the Offer to the extent that such participation is permitted under the local law to which they are subject.


本新闻稿或与该要约相关的任何其他文件并不构成出售或获取金融工具的要约,或在任何此类要约或招揽在其为非法、无法有效进行,或需要根据当地金融法发布招股说明书或完成任何其他手续的管辖区内的招揽。位于法国以外的股份和OCEANEs持有者只能在当地法律允许的情况下参与该要约。



Accordingly, persons in possession of this Press Release are required to obtain information regarding any applicable local restrictions and to comply with such restrictions. Failure to comply with such restrictions may constitute a violation of applicable securities laws.


因此,持有本新闻稿的人必须获取有关任何适用本地限制的信息,并遵守这些限制。未能遵守这些限制可能构成对适用证券法的违反。



Brookfield Renewable Holdings disclaims any liability for any breach of these restrictions by any person.


Brookfield Renewable Holdings 对任何人违反这些限制不承担任何责任。




1

On the basis of share capital of the Company as of 30 November 2024 composed of 152,848,774 Shares representing as many theoretical voting rights, in accordance with the provisions of Article 223-11 of the AMF's General Regulation.



1

根据截至2024年11月30日公司的股份总额,这一总额由152,848,774股组成,代表同样数量的理论投票权,符合AMF一般规定第223-11条的规定。




2

It should be noted that these 2024 Free Shares are still under vesting period and are not taken into account in the total of 82,250,985 Shares held directly and indirectly, alone and in concert, by the Offeror.



2

需要注意的是,这些2024年自由股份仍处于归属期,并不计入由要约方直接和间接持有的82,250,985股的总数,这些股份既可以单独持有,也可以与他人共同持有。




3

It should be noted that these 2024 Free Shares are still under vesting period and are not taken into account in the total of 82,250,985 Shares held directly and indirectly, alone and in concert, by the Offeror.



3

需要注意的是,这些2024年自由股份仍处于归属期,并不计入由要约方直接和间接持有的82,250,985股的总数,这些股份既可以单独持有,也可以与他人共同持有。




4

See footnote n°1.



4

见脚注1。




5

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



5

2023年加速免费股份的归属期将于2025年2月28日结束。因此,这些2023年加速免费股份将于2025年3月3日可用。截至《草案要约文件》日期,要约的截止日期设定为2025年2月27日。如果该截止日期在2025年3月3日或之后推迟,2023年加速免费股份将不再被视为不可用免费股份,并将能够被提交于要约中。进一步说明,如果满足条件,2025年3月3日可用的2023年加速免费股份将被目标化以进行挤压。




6

Based on the following adjusted conversion ratio (NCER): 1.208.



6

基于以下调整后的转换比例(NCER):1.208。




7

Based on the following adjusted conversion ratio (NCER): 2,506.608.



7

基于以下调整后的转换比例(NCER):2,506.608。




8

Number of Unavailable PEE Shares as at 30 December 2024.



8

截至2024年12月30日的不可用PEE股份数量。




9

It is specified that part of the treasury shares will be allocated to the beneficiaries of the 2023 Accelerated Free Shares.



9

规定部分库存股将分配给2023年加速自由股份的受益人。




10

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



10

2023年加速自由股份的归属性限期将于2025年2月28日结束。因此,这些2023年加速自由股份将于2025年3月3日可用。截至招股文件草案日期,发行的截止日期定为2025年2月27日。如果该截止日期在2025年3月3日或之后被推迟,则2023年加速自由股份将不再被视为不可用的自由股份,并可以在发行中提交。此外,进一步说明,如果条件满足,2023年3月3日可用的加速自由股份将被目标挤出。




11

Cartusia SAS, a French

société par actions simplifiée

having its registered office at 59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, France, registered with the Nanterre Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 878 585 884.



11

Cartusia SAS,一家法国公司

简化股份公司

注册办公室位于59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, 法国,注册于南特商业公司注册处(

商业与公司登记处

) 注册号为878 585 884。




12

Equinox SAS, a French

société par actions simplifiée

having its registered office at 59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, France, registered with the Nanterre Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 902 145 036.



12

Equinox SAS,一家法国

简化股份公司

注册办公地址位于59号,Inkermann大道,92200 Neuilly-sur-Seine,法国,注册于南特贸易和公司注册处(

商业与公司注册

) 注册号为902 145 036。




13

Kampen SAS, a French

société par actions simplifiée

having its registered office at 59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, France, registered with the Nanterre Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 902 144 930.



13

Kampen SAS,一家法国

简化股份公司

注册办公地点位于法国,92200 新伊尔圣,英克曼大道59号,注册于南泰尔贸易和公司注册处(

商业和公司注册

)注册号为902 144 930。




14

Hilaris SAS, a French

société par actions simplifiée

having its registered office at 59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, France, registered with the Nanterre Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 902 144 807.



14

Hilaris SAS,一家法国

简化股份公司

注册办公室位于法国,92200 Neuilly-sur-Seine,Inkermann大街59号,注册于南特尔贸易和公司注册处(

商业和公司注册处

)编号902 144 807。




15

Palancia SAS, a French

société par actions simplifiée

having its registered office at 59, boulevard d'Inkermann, 92200 Neuilly-sur-Seine, France, registered with the Nanterre Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 902 144 658.



15

Palancia SAS,一家法国

简化股份公司

注册办公室位于法国,92200 Neuilly-sur-Seine,Inkermann大街59号,注册于南特尔贸易和公司注册处(

商业和公司注册处

) 在号码902 144 658下。




16

The RD Shares That May Be Tendered for which Mr. Romain Desrousseaux has decided to make a contribution in kind before the closing of the Offer will not be subject to the Squeeze-Out, it being specified that (i) in the absence of such a decision before the closing of the Offer, all the RD Shares That May Be Tendered will be included in the Squeeze-Out, (ii) in the event that the decision to make the contribution in kind relates to only a portion of the RD Shares That May Be Tendered, the balance of these will be subject to the Squeeze-Out. In any event, it is specified that the available Shares held by Mr. Romain Desrousseaux (other than the RD Shares That May Be Tendered, representing 286.355 Shares on the date of the Draft Offer Document) are subject to the Offer and will be tendered by Mr. Romain Desrousseaux to the Offer.



16

在报价结束前,Mr. Romain Desrousseaux 决定以实物方式出资的 RD 股份将不受挤出影响,具体说明如下:(i) 如果在报价结束前未作出此类决定,则所有可提交的 RD 股份将被纳入挤出范围;(ii) 如果实物出资的决定仅涉及部分可提交的 RD 股份,则其余部分将受挤出影响。无论如何,须说明的是,Mr. Romain Desrousseaux 持有的可用股份(不包括可提交的 RD 股份,代表286.355股,日期为草案报价文件之日)都将受到报价的影响,并将由Mr. Romain Desrousseaux 提交报价。




17

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



17

2023 年加速自由股份的归属期将于2025年2月28日结束。因此,这些2023年加速自由股份将于2025年3月3日可用。截至草案报价文件之日,报价的截止日期定在2025年2月27日。如果该截止日期在2025年3月3日及之后被推迟,2023年加速自由股份将不再被视为不可用自由股份,并可在报价中提交。进一步说明,如果满足条件,2023年3月3日可用的加速自由股份将被纳入挤出范围。




18

"

Trading Day

" for the purposes hereof being a trading day on Euronext Paris. It is being specified that the Offer will be opened in the United States of America and must thus last at least 20 US business days, 17 February 2025 being a bank holiday in the United States of America.



18

"

交易日

"在本协议的目的下,被视为Euronext 巴黎的交易日。需要说明的是,报价将在美国开放,因此必须持续至少20个美国工作日,2025年2月17日是美国的银行假日。




19

BRHL UK Holdings Limited, a private company limited by shares with its registered office at Level 25, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom, and registered with the Registrar of Companies for England and Wales under number 15684936.



19

BRHL 英国控股有限公司,一家通过股份限制的私人公司,注册办公地点位于英国伦敦金丝雀码头加拿大广场一号25层,邮政编码E14 5AA,注册号为15684936,公司注册处为英格兰和威尔士。




20

BRHL Master UK Holdings Limited, a private company limited by shares with its registered office at Level 25, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom, and registered with the Registrar of Companies for England and Wales under number 15686067.



20

BRHL Master 英国控股有限公司,一家通过股份限制的私人公司,注册办公地点位于英国伦敦金丝雀码头加拿大广场一号25层,邮政编码E14 5AA,注册号为15686067,公司注册处为英格兰和威尔士。




21

Brookfield Asset Management Ltd., a Canadian company having its registered office at 1055 West Georgia Street, 1500 Royal Centre, P.O. Box 11117, Vancouver, British Columbia V6E 4N7, Canada, registered with the Corporate Registry (Province of British Columbia) under number BC1370236 (listed on the New York Stock Exchange and on the Toronto Stock Exchange).



21

布鲁克菲尔德资产管理有限公司,一家位于加拿大的公司,注册办公地点位于温哥华乔治亚街西1055号,皇家中心1500,邮政信箱11117,卑诗省V6E 4N7,加拿大,注册号为BC1370236(在纽约证券交易所和多伦多证券交易所上市)。




22

Brookfield Corporation, a Canadian company having its registered office at Suite 100, Brookfield Place, 181 Bay Street, Toronto, Ontario, Canada M5J 2T3, organized pursuant to articles of amalgamation under the Business Corporations Act (Ontario) (listed on the New York Stock Exchange and Toronto Stock Exchange).



22

Brookfield Corporation是一家加拿大公司,注册办公地址位于加拿大安大略省多伦多湾街181号,Brookfield Place大楼100号,依据安大略省公司法的合并章程成立(在纽约证券交易所和多伦多证券交易所上市)。




23

Brookfield Renewable Partners L.P., a Bermuda exempted limited partnership having its registered office at 73 Front Street, 5th Floor, Hamilton HM 12, Bermuda established under the provisions of the Bermuda Exempted Partnerships Act 1992 (as amended) together with the Bermuda Limited Partnership Act 1883 (as amended) (listed on the New York Stock Exchange and Toronto Stock Exchange).



23

Brookfield Renewable Partners L.P.是一家伯摩哥豁免有限合伙企业,注册办公地址位于伯摩哥汉密尔顿前街73号5楼HM12,依据1992年伯摩哥豁免合伙法(经修订)和1883年伯摩哥有限合伙法(经修订)成立(在纽约证券交易所和多伦多证券交易所上市)。




24

BRHL Aggregator LP, a Bermuda limited partnership, whose registered office is at 73 Front Street, 5th Floor, Hamilton, HM12 Bermuda.



24

BRHL Aggregator LP是一家伯摩哥有限合伙企业,注册办公地址位于伯摩哥汉密尔顿前街73号5楼HM12。




25

Impala SAS, a French

société par actions simplifiée

having its registered office at 4, rue Euler 75008 Paris, France, registered with the Paris Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 562 004 614, is wholly owned, controlled and managed by Mr. Jacques Veyrat and his family.



25

Impala SAS是一家法国

简化股份公司

注册办事处位于法国巴黎75008,欧拉大街4号,在巴黎贸易和公司注册处登记(

商业和公司注册

)注册号为562 004 614,完全由雅克·维拉特先生及其家人拥有、控制和管理。




26

FSP, a French

société d'investissement à capital variable

, having its registered office at 14 boulevard de la Madeleine, 75008 Paris, France, registered with the Paris Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 753 519 891.



26

FSP是一家法国

可变资本投资公司

,注册办事处位于法国巴黎75008,马德琳大道14号,在巴黎贸易和公司注册处登记(

商业和公司注册

) 下的号码753 519 891。




27

Céleste Management SA, a Swiss

société anonyme

having its registered office at Boulevard du Théâtre 12, 1204 Genève, Switzerland, registered with the Commercial Registry of Geneva under IDE number CHE-492.054.856.



27

Céleste Management SA,一家瑞士

匿名公司

注册办事处位于瑞士日内瓦第12大道,邮政编码1204,注册于日内瓦商业登记处,IDE号码CHE-492.054.856。




28

MOSCA Animation Participations et Conseil SAS, a French

société par actions simplifiée

having its registered office at 20, rue de Turenne 75004 Paris, France, registered with the Paris Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 390 883 411.



28

MOSCA Animation Participations et Conseil SAS,一家法国

简化股份公司

总部位于法国巴黎75004特伦街20号,注册在巴黎商会和公司注册处(

商业和公司注册

)注册号为390 883 411。




29

Shares to be sold by the Selling Shareholders to the Offeror represented 53.32% of the Company's share capital on the Announcement Date and 53.12% of the Company's share capital on the signing date of the SPA. This change results from (i) an increase of the Company's share capital following the Announcement Date, the Company having paid part of its dividends to shareholders in Shares and (ii) the subsequent readjusted number of Shares sold by the Selling Shareholders to the Offeror from 81,149,767 Shares to 81,197,100 Shares.



29

出售给要约人的出售股东所售股份在公告日代表公司股本的53.32%,在SPA签署日代表公司股本的53.12%。这个变化源自于(i)公告日前公司股本的增加,公司以股份形式向股东支付部分分红,以及(ii)出售股东向要约人售出的股份数量从81,149,767股调整为81,197,100股。




30

FPCI FONDS ETI 2020, a French professional private equity fund, represented by its management company Bpifrance Investissement, a French

société par actions simplifiée

having its registered office at 27/31, Avenue du Général Leclerc, 94710 Maisons-Alfort Cedex, France, registered with the Créteil Trade and Companies Registry (

Registre du Commerce et des Sociétés

) under number 433 975 224 ("

Bpifrance

").



30

FPCI FONDS ETI 2020,一个法国专业股权投资基金,由其管理公司Bpifrance Investissement代表,

一家简化股份公司

注册办公室位于法国,邮政编码94710,马森-阿尔福特,通用勒克莱克大道27/31,注册于克雷泰伊贸易和公司登记处(

商业和公司注册

)编号为433 975 224("

Bpifrance

").




31

On the basis of share capital of the Company as of 30 November 2024 composed of 152,848,774 Shares representing as many theoretical voting rights, in accordance with the provisions of Article 223-11 of the AMF's General Regulation.



31

根据截至2024年11月30日,公司股本为152,848,774股,以此表示与理论投票权相同,符合AMF通用规定第223-11条的规定。




32

Cartusia, Equinox, Kampen, Hilaris and Palancia.



32

Cartusia、Equinox、Kampen、Hilaris和Palancia。




33

It is also specified that the Swedish authority for foreign direct investments (

Inspektionen för Strategiska Produkter

) has authorized, following the completion of the Block Trade Acquisition, the potential crossing of the thresholds of 65% and 90% of the Company's voting rights that may occur in the context of the Offer.



33

还具体说明了瑞典外商直接投资机构(

战略产品监督局

)在完成区块交易收购后,已授权在要约过程中可能出现的公司投票权超过65%和90%的潜在交叉。




34

Based on nameplate DC capacity.



34

基于名称牌直流容量。




35

This conversion would be done on the basis of the adjusted conversion/exchange ratios, as determined in Section 2.6.



35

该转换将基于调整后的转换/交换比例进行,具体如第2.6节所述。




36

For the purpose of this paragraph, and in accordance with the terms and conditions of the OCEANEs, a "business day" means a day (other than a Saturday or a Sunday) (i) on which foreign exchange markets and commercial banks are open for business in Paris (France) and (ii) on which Euroclear France or any successor is operating and (iii) on which the trans-European automated real-time gross settlement express transfer system (known as "TARGET 2"), or any succeeding system is operating.



36

在本段的目的下,依据OCEANEs的条款和条件,"工作日"指的是一个非星期六或星期日的日子:(i) 外汇市场和商业银行在巴黎(法国)正常营业的日子,以及(ii) Euroclear France或任何继任机构正在运营的日子,以及(iii) 全欧洲自动实时毛额结算快递转移系统(称为"TARGEt 2")或任何后续系统正在运营的日子。




37

BRHL UK MidCo Limited, a private company limited by shares with its registered office at Level 25, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom, and registered with the Registrar of Companies for England and Wales under number 15725580.



37

BRHL Uk MidCo Limited是一家股份有限公司,注册办公室位于英国伦敦金丝雀码头加拿大广场25层,邮政编码E14 5AA,并在英格兰和威尔士注册号15725580的公司注册处登记。




38

BRHL UK Topco Limited, a private company limited by shares with its registered office at Level 25, One Canada Square, Canary Wharf, London, E14 5AA, United Kingdom, and registered with the Registrar of Companies for England and Wales under number 15722933.



38

BRHL Uk Topco Limited是一家股份有限公司,注册办公室位于英国伦敦金丝雀码头加拿大广场25层,邮政编码E14 5AA,并在英格兰和威尔士注册号15722933的公司注册处登记。




39

Including Mr. Romain Desrousseaux.



39

包括罗曼·德鲁苏索先生。




40

On the basis of share capital of the Company as of 30 November 2024 composed of 152,848,774 Shares representing as many theoretical voting rights, in accordance with the provisions of Article 223-11 of the AMF's General Regulation.



40

根据截至2024年11月30日公司的股本,共计152,848,774股,代表同样数量的理论投票权,遵循AMF一般规定223-11条的条款。




41

It should be noted that these 2024 Free Shares are still under vesting period and are not taken into account in the total of 82,250,985 Shares held directly and indirectly, alone and in concert, by the Offeror.



41

需要注意的是,这些2024年的免费股票仍处于归属期,并未计入要约人直接和间接持有的总共82,250,985股股票中,无论是单独持有还是联合持有。




42

It should be noted that these 2024 Free Shares are still under vesting period and are not taken into account in the total of 82,250,985 Shares held directly and indirectly, alone and in concert, by the Offeror.



42

需要注意的是,这些2024年的免费股票仍处于归属期,并未计入要约人直接和间接持有的总共82,250,985股股票中,无论是单独持有还是联合持有。




43

See footnote n°40.



43

见脚注n°40。




44

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



44

2023年加速免费股票的归属期将于2025年2月28日结束。因此,2023年加速免费股票将于2025年3月3日可用。截至草案招募文件日期,报价的截止日期已设定为2025年2月27日。如果此截止日期在2025年3月3日或之后被推迟,2023年加速免费股票将不再被视为不可用的免费股票,并将能够在报价中提交。同时进一步说明,如果条件满足,2025年3月3日可用的2023年加速免费股票将会被挤压出售针对。




45

Based on the following adjusted conversion ratio (NCER): 1.208.



45

基于以下调整的转换比率(NCER):1.208。




46

Based on the following adjusted conversion ratio (NCER): 2,506.608.



46

基于以下调整的转换比率(NCER):2,506.608。




47

Number of Unavailable PEE Shares as at 30 December 2024.



47

截至2024年12月30日,无法获得的PEE股份数量。




48

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



48

2023年加速免费股份的归属期将于2025年2月28日结束。因此,这些2023年加速免费股份将于2025年3月3日可用。根据草案要约文件的日期,优惠的截止日期定在2025年2月27日。如果该截止日期在2025年3月3日或之后被推迟,2023年加速免费股份将不再被视为无法获得的免费股份,并且可以在优惠中投标。进一步说明,如果条件得到满足,2025年3月3日可用的2023年加速免费股份将被定向收购。




49

Including Mr. Romain Desrousseaux.



49

包括罗曼·德鲁索先生。




50

The vesting period of the 2023 Accelerated Free Shares will end on 28 February 2025. Such 2023 Accelerated Free Shares will thus become available on 3 March 2025. As at the date of the Draft Offer Document, the closing date of the Offer has been set on 27 February 2025. In the event such closing date is postponed on or after 3 March 2025, the 2023 Accelerated Free Shares will no longer be considered as Unavailable Free Shares and will be able to be tendered in the Offer. It is further specified that, if the conditions are met, the 2023 Accelerated Free Shares available on 3 March 2025 will be targeted by the Squeeze-Out.



50

2023年加速免费股份的归属期将于2025年2月28日结束。因此,这些2023年加速免费股份将于2025年3月3日可用。根据草案要约文件的日期,优惠的截止日期定在2025年2月27日。如果该截止日期在2025年3月3日或之后被推迟,2023年加速免费股份将不再被视为无法获得的免费股份,并且可以在优惠中投标。进一步说明,如果条件得到满足,2025年3月3日可用的2023年加速免费股份将被定向收购。




51

See footnote n°50.



51

见脚注50。




52

See footnote n°50.



52

见脚注50。




53

Number of PEE Shares as at 30 December 2024.



53

截至2024年12月30日的PEE股份数量。




54

Number of available PEE Shares as at 30 December 2024.



54

截至2024年12月30日可用的PEE股份数量。




55

Number of Unavailable PEE Shares as at 30 December 2024.



55

截至2024年12月30日不可用PEE股份的数量。




56

To the knowledge of the Offeror, according to the press release published by the Company on 22 May 2024 indicating the share allocation ratio.



56

根据发起人的了解,根据公司在2024年5月22日发布的新闻稿,指明了股份分配比例。




57

To the knowledge of the Offeror, according to the press release published by the Company on 22 May 2024 indicating the share allocation ratio.



57

根据发起人的了解,根据公司在2024年5月22日发布的新闻稿,指明了股份分配比例。




58

For the purpose of this paragraph, and in accordance with the terms and conditions of the OCEANEs, a "business day" means a day (other than a Saturday or a Sunday) (i) on which foreign exchange markets and commercial banks are open for business in Paris (France) and (ii) on which Euroclear France or any successor is operating and (iii) on which the trans-European automated real-time gross settlement express transfer system (known as "TARGET 2"), or any succeeding system is operating.



58

本段的目的依据OCEANEs的条款和条件,"工作日"是指一个日子(除了星期六和星期天)(i) 巴黎(法国)的外汇市场和商业银行开放营业的日子,以及(ii) Euroclear France或任何继任机构正在运作的日子,以及(iii) 跨欧洲自动实时毛额结算快递转账系统(称为"TARGEt 2")或任何后续系统正在运作的日子。




59

For the purpose of this paragraph, and in accordance with the terms and conditions of the OCEANEs, "trading day" shall mean any day (other than a Saturday or Sunday) on which the Shares are traded on Euronext Paris, other than a day on which such trading ceases prior to the usual closing time, whether such cessation is scheduled or unscheduled.



59

根据本段的目的,以及OCEANEs的条款和条件,"交易日"指的是任何一个交易股在巴黎泛欧交易所交易的日子(不包括星期六和星期天),除非在通常的收盘时间之前停止交易的日期,无论这种停止是预定的还是非预定的。




60

Corresponding to 101.382% of the par value of the 2022 OCEANE which is €100,000; assuming an effective change of control date on 27 December 2024, which, according to the T&Cs, results in a longstop date for sending the put event notice on 26 January 2025 and for optional redemption date on 7 March 2025.



60

相当于2022年OCEANE面值€100,000的101.382%;假设有效的控制权变更日期为2024年12月27日,根据条款和条件,这将导致发送看跌事件通知的最后日期为2025年1月26日,以及可选赎回日期为2025年3月7日。



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