German renewable project developer PNE on Monday said that interest received so far in its sale process indicated potential buyers were unwilling to match its market valuation, casting doubts on whether a transaction would materialise.
A sale of the company, which counts Morgan Stanley as its biggest shareholder, could fetch more than €1 billion ($1.15 billion), Reuters reported in June.
PNE, which has a market capitalization of €757.61 million, is 50.06% owned by Morgan Stanley, according to LSEG data.
"It is currently uncertain whether a transaction will materialise and what its terms would be," PNE said.
The development comes as Morgan Stanley seeks to cash in on its PNE stake after a previous sale effort ended without success.
Reuters reported last year that Morgan Stanley was working with Goldman Sachs to explore a sale. Other shareholders were also prepared to sell, sources have said.
PNE has a 21.7-gigawatt pipeline of wind and solar projects, with more than half in core markets Germany, France and Poland.
Multiple companies have eyed PNE in the past, including Switzerland's Partners Group and Canada's CPPIB, Reuters reported.
($1 = 0.8663 euros)