SMA Solar Climbs as Manufacturer Denies Takeover Speculation
SMA Solar Technology AG climbed as much as 6.2 percent in German trading as the maker of solar power equipment denied it was the target of a takeover bid by First Solar Inc. of the U.S.
“Rumors about a First Solar takeover are baseless,” Anna Raudszus, a spokeswoman for investor relations at Niestetal, Germany-based SMA Solar, said today by telephone. First Solar spokesman Sebastian Fasbender in Berlin declined to comment.
SMA’s shares gained the most in more than six weeks and retreated to 83.02 euros, up 3.8 percent, as of 11:39 a.m. local time, valuing the company at about 2.9 billion euros ($3.7 billion).
SMA Solar makes equipment to convert direct current electricity from solar panels into alternating current for use in power grids. It has benefited this year from booming sales of solar equipment in Germany, Italy and other markets. First-half net income surged to 158 million euros from 26 million euros, the company said on Aug. 13.
To contact the reporters on this story: Jeremy van Loon in Berlin at jvanloon@bloomberg.net
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