25 Nov '14, 9pm

Bluestar Elkem to purchase REC Solar: Move is designed to expand Elkem’s presence in the solar industry.

REC Solar ASA has reached an agreement with Bluestar Elkem Investment Co. Ltd. of Hong Kong, whereby Bluestar Elkem will purchase 100% of the shares in a Luxembourg company (to be established) which will own REC Solar Holdings AS and all of the assets and liabilities of REC Solar at a cash purchase price equal to NOK 108.50 per share in REC Solar. The transaction is not subject to any financing condition, but is subject to other customary conditions, including all required regulatory approvals. (Closing is expected no later than 16 January 2015.) The rransaction represents a premium of 22.6 % and 27.1% to the 1 and 3-month volume weighted average share price, respectively. The total cash consideration is NOK 4,340 million. "We are pleased that we today are in position to announce the combination of the Elkem Group and REC Solar,” said Ole Enger, chairman of REC Solar. “The...

Full article: http://www.renewableenergyfocus.com/view/40755/bluestar-e...

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