COLEXON Energy AG and Renewagy A/S publicized plans for a merger between the companies. The merger is dependent on the approval of the shareholders’ annual meetings in 2009, but is expected to be effective on 1 January 2009. Renewagy will merge onto COLEXON, which will simultaneously assume the European legal entity of a Societas Europea (SE) and change the company name to COLEXON SE. Shares of the company will be traded in the regulated market.
In the May 2009 Shareholders’ meeting, COLEXON’s management board will propose an increase of the share capital against a contribution in kind with the applicable regulations. Based off of current share prices, the merger’s new entity will have a market capitalization of more than €90 million. The exchange ration is predicted to be at a level equivalent to Renewagy’s valuation factor of two and a half to three times higher than COLEXON.
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The new company, COLEXON SE, will focus on offering expertise in the planning, realization and operation of turnkey solar power plants in Europe, US and ASIA. Currently, the solar power plants run by Renewagy in Germany and abroad produce more than 50MWp. The company’s management will function on a two-tier system with two management executives as CEO and CFO as well as six supervisory board members, which have demonstrated experience in the PV industry, financing, accounting and legal matters.
