Bosch and the Eriksen Group have signed agreements to purchase 39.43 per cent of the shares in Aleo solar AG – an established brand name in the solar market.
Aleo manufactures models on the basis of in-sourced mono- and polycrystalline solar cells. These are then sold to a network of specialist dealers and installers in several major European markets, including Germany. The company has enjoyed some extensive recent success and in 2008 generated sales of roughly €360million.
The acquisition will give the Bosch broad access to the market after it and the Erikson Group, along with related parties, bought stock that amounted to €46million – the equivalent of €9 per Aleo share. It is also believed that Bosch is planning to make all outstanding Aleo shareholders a voluntary public takeover offer of €9 per share. The entire transaction is conditional on Bosch holding at least 75 per cent of Aleo’s shares once the public offer is concluded.
Bosch’s investments into the solar industry don’t end there. It also intends to acquire more than 60 per cent of the shares in Johanna Solar Technology GmbH, in which Aleo holds roughly a 17 per cent stake. Johanna has been developing solar modules since 2006.
According to Dr Siegfried Dais, the deputy chairman of the Bosch board of management, the acquisition will boost the company’s position in photovoltaics and renewable energy, and there are good opportunities for further expansion in this field.
