Bosch Plans to Acquire Majority Stake in aleo solar AG, Johanna Solar Technology GmbH
03 August 2009
Bosch and the Eriksen Group, including related parties and other investors, have signed agreements relating to the purchase of 39.43% of the shares in aleo solar AG. The purchase price for this stock amounts to €46 million (US$66 million), equivalent to a price of €9.00 (US$13) per aleo share. In addition, Bosch plans to make all outstanding aleo shareholders a voluntary public takeover offer, in which Bosch will also make all aleo shareholders a cash offer of €9.00 per share. The offer is 43% above the weighted average Xetra price of aleo shares over the past three months. The entire transaction is conditional on Bosch holding at least 75% of aleo shares following the conclusion of the public offer.
It is also subject to approval by the antitrust authorities.
In addition, Bosch intends to acquire from the Eriksen Group and related investors more than 60% of the shares in Johanna Solar Technology GmbH, Brandenburg an der Havel, Germany, in which aleo also holds a roughly 17% stake. Johanna started developing solar modules based on thin-film CIGS cells in 2006, going into production at the end of 2008. These thin-film modules are marketed by aleo.
aleo is an established brand name in the solar module market. It manufactures these modules on the basis of in-sourced mono- and polycrystalline solar cells. The modules are sold via a wide network of specialized dealers and installers to end-customers in Germany and other important European markets. In 2008, the company generated sales of roughly €360 million (US$515 million), and employed some 800 associates. This acquisition will give Bosch broad access to the market.
In 2008, Bosch acquired solar cell manufacturer ersol Solar Energy AG in Erfurt, Germany.
With this acquisition, we are boosting our position in photovoltaics and renewable energies. Together with the management and associates of aleo and Johanna, and in combination with the team at our subsidiary ersol, we see good opportunities to expand significantly in this promising field.
—Dr. Siegfried Dais, deputy chairman of the Bosch board of management with responsibility for the Solar Energy division
A company as big as BOSCH can afford to order a CANDU 600 nuclear reactor from Canada for the fastest installation in Sweden somewhere or Norway or England. This would save Germany and Europe much CO2 at a far lower cost. It would be operational in four or five years. ..HG..
Posted by: Henry Gibson | 03 August 2009 at 03:13 PM
The Green Party in Germany has changed things towards solar PV panels in a big way. One of the reasons for the stock price run up in First Solar was the incentives that the government gave. They were long term and straight forward unlike some U.S. laws that have fine print and expire in a short time. It gave enough of an assurance that people could invest in the technology. There was a German farmer that got a loan for $2 million dollars for a solar farm because the government gave a power purchase guaranty at a good price for the next 20 years.
Posted by: SJC | 03 August 2009 at 09:17 PM