Sunny purchase

Published: 04 July 2008  04:10 PM
Source: The Engineer Online

The German automotive and industrial technology giant Bosch is to acquire 50.45 per cent of the shares in ersol Solar Energy from its financial investor Ventizz for around €546.4m, equivalent to €101.00 per share.

Bosch also is making a public takeover offer to all other ersol shareholders, in which it will also offer €101.00 per share in cash. The offer represent a premium of 68 per cent based on the share price of the ersol Solar Energy stocks over the past three months.

Apart from Ventizz, further ersol shareholders, whose combined shareholding comes to a total of 3.3 per cent, have already signed irrevocable undertakings to accept the offer.

ersol Solar Energy develops, manufactures, and sells wafer-based silicon solar cells, and is moving into the manufacture of thin-film modules.

The photovoltaics company generated global sales of €160m in 2007. For 2008, ersol expects sales of more than €300m. The company currently employs 1,000 people at three locations.

The German antitrust authorities have already given their unqualified approval to the acquisition of ersol by Bosch. The approval of other antitrust authorities is still pending.

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