3W Power Falls as Andrem Takeover Offer Blocked: Frankfurt Mover

3W Power SA (3W9), the holding company that owns the German maker of solar inverters AEG Power Solutions, declined the most since it sold shares to the public after saying a takeover attempt by Andrem Power SCA won’t proceed.

Germany’s Federal Financial Supervisory Authority, BaFin, has prohibited the publication of the offer document filed by Andrem Power, the company said in a statement on April 5. Andrem Power, indirectly owned by private-equity firm Nordic Capital Ltd., had offered 4.35 euros for each 3W Power share.

3W Power fell 48 percent to 2.21 euros in Frankfurt, the biggest drop since July 2008, giving the company a market value of 123.9 million euros ($162.1 million).

3W Power reiterated that sales will be in a range of 430 million euros to 460 million euros this year, while earnings before interest, taxes, depreciation and amortization will be 9 percent to 11 percent of sales.

Christiane Doehler, a spokeswoman for 3W Power, couldn’t immediately be reached for comment. Wigan Salazar, a spokesman for Andrem Power, said BaFin had asked for changes to the takeover offer that would have made it impossible to honor the contract. Salazar declined to provide details.

To contact the reporter on this story: Richard Weiss in Frankfurt at rweiss5@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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