Aerowatt Surges on Acquisition Talks With Swiss Utility
Aerowatt (ALWAT), a developer of wind and solar power projects, surged to its highest value in more than three years in Paris trading after reporting it may be acquired by the Swiss regional utility Kleinkraftwerk Birseck AG. (KKBN)
The French company, which operates 123 megawatts in renewable energy capacity, is in exclusive talks with the Swiss group over a deal that would value it at about 38.9 million euros ($49.7 million), it said today in an e-mailed statement. This would amount to 19.77 euros per share or a 54.5 percent premium to its previous closing price of 12.80 euros, it said.
Aerowatt shares surged as much as 54 percent in Paris trading today and were up 50 percent, the most intraday since November 2006, to 19.14 euros at 2:06 p.m. local time.
The company’s main shareholders include Credit Agricole SA (ACA), Demeter Partners and Viveris Management. Those shareholders would support the transaction, which they aim to complete in the first half of 2012, Aerowatt said.
“The numerous and profound changes in the French regulation for renewable energies has forced us to review our development plans and seek an alliance with an industrial partner,” said Jerome Billerey, Aerowatt’s board chairman.
The combined group would operate more than 158 megawatts in renewable energy. Through the group, Kleinkraftwerk Birseck said it would seek to accelerate the development of mini-hydro, wind and solar plants in Germany, France, Italy and Spain.
KKB, based in Muenchenstein, Switzerland, is majority-owned by Genossenschaft Elektra Birseck, a regional utility based in the same town. The company owns about 35 megawatts in mini- hydraulic and solar capacity.
To contact the reporter on this story: Marc Roca in London at mroca6@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
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