Bosch in 1.1 Billion Euro Solar Power Bid for ersol

[jpak]

http://www.renewableenergyworld.com/rea/news/story?id=52668

Bosch has made an EU 1.1B takeover bid for ersol Solar Energy AG, the German solar energy company, marking the first big move by one of the world's major industrial groups in this part of the renewable sector.

Bosch, the privately-owned German conglomerate, is offering €101 a share in cash, a 63 percent premium to ersol's closing price on Friday. Bosch has secured 50.1 percent of the group through the €546 million purchase of the stake held by Ventizz, a private equity firm.

The offer for ersol is likely to be watched with interest by industrial groups. It, along with Conergy and Q-Cells, are the largest solar groups in the world.

Companies such as General Electric and Siemens have monitored the solar energy sector closely but apart from a few small purchases by GE, the large industrial companies have yet to act.

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