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August 4, 2009

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Bosch to acquire Aleo Solar

ROBERT Bosch GmbH said yesterday it will move to acquire Aleo Solar AG in a cash for stock deal, offering 9 euros (US$12.89) per share, with an eye toward a controlling stake in the maker of solar panels.

Stuttgart-based Bosch will acquire 39.4 percent of Aleo's shares for 46 million euros, making it the biggest shareholder in the Oldenburg-based company.

Aleo Solar said some of its key shareholders, who hold nearly 40 percent of the company, had signed agreements with Bosch to sell their shares. The move is subject to regulatory approval and the Aleo takeover will require approval of its shareholders.

"The selling shareholders comprise a group of investors around Marius Eriksen, the company's chairman and co-founder, as well as a company closely associated with Hannover Finanz, who has invested in Aleo Solar since 2005," the company said.

Eriksen said the move confirmed "the strategy we've been pursuing for years."


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