Bosch and the Eriksen Group have signed agreements relating to the purchase of 39.43% of the shares in German solar company Aleo Solar AG (AS1.DE).
The purchase price amounts to EUR 46 million, equivalent to a price of EUR 9.00 per 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 EUR 9.00 per share. The offer is thus 43% above the weighted average Xetra® price of the aleo share 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.
aleo is an established brand name in the solar module market. It manufactures solar modules made with mono- and polycrystalline solar cells. Aleo has manufacturing facilities are located in Prenzlau, Germany, and near Barcelona, Spain.
In 2008, the company generated sales of roughly EUR 360 million, and employed some 800 associates. This acquisition will give Bosch broad access to the market. In 2008, the technology and services company already acquired a solar cell manufacturer when it took over ersol Solar Energy AG in Erfurt, Germany.
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. Johanna employs 125 associates.
Apart from photovoltaics, the Bosch Group offers many other systems for exploiting renewable energies. Bosch Rexroth supplies gear and drive technology for wind turbines, as well as hydraulic actuators for solar thermal power stations, and develops drive concepts for the still young area of marine power generation. Bosch Thermotechnology is one of the leading suppliers of electric heat pumps and of solar collectors for hot-water generation.
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