French wind power producer THEOLIA said on Friday that the friendly takeover bid launched on its capital by Macquarie European Infrastructure Fund 4 (MEIF4), which is managed by Macquarie Infrastructure and Real Assets (MIRA), was unsuccessful.

The bid was subjected to the condition of the acquisition of at least two-thirds of the voting rights, but the fund was able to acquire only 64.49% of the capital and 64.79% of the voting rights.

The takeover project was opposed by some minority shareholders in Theolia, which the group has accused of maneuvering to hinder the success of the transaction.

According to Theolia's management, the offer aimed to give THEOLIA a long-term, majority shareholder that would provide stability in a difficult economic and regulatory environment. That's why they supported the transaction.

Theolia said it may take further action, without giving more details:

THEOLIA takes note of the decision of a part of its shareholders to refuse this offer.The Company once again deplores the unfounded public accusations made and the increasing scheming that occurred the days preceding the closing of the offer, with a view to destabilizing.THEOLIA will take the necessary decisions to protect its corporate interest and to manage its activities, in light of the foreseen upcoming challenges. In addition, the Company will engage all necessary legal proceedings to be taken.

THEOLIA is an independent producer of wind energy, active over the entire wind value chain. The Group develops, builds and operates wind farms in four countries: Germany, France, Morocco and Italy. In total, the Group operates 1,269 MW for its own account and for third parties.

MEIF4 launched the takeover bid in July 2013.

Source: Theolia