Positive day today for the renewables sector of Piazza Affari in the wake of the takeover bid launched on Falck Renewables by the IIF fund at a 29% premium compared to the average price of the stock in the last 3 months. Among the best stocks, Erg stands out (+ 5% to € 29.48). According to Equita SIM, the takeover bid on Falck Renewables is increasing, meaning that the appetite for renewable companies is still very strong, with significant M&A rewards. The target indicated by Equita for ERG at € 31.5 currently includes a premium M&A of around 15% on existing assets only. “Assuming a premium similar to the multiples paid in this transaction, the valuation could reach 35 euros,” says Equita. Secondly, in the event of the de-listing of Falck Renewables, Erg can benefit from the reinvestment flow of Falck’s liquidity positions, as well as from a greater repositioning in the ESG reference indices.