Court okays EDF's bid for troubled Photowatt

Feb 27, 2012 - A French commercial court approved on Monday the acquisition of troubled French solar panels maker Photowatt International by French electricity group EDF (EPA:EDF), the buyer said in a press release.
EDF will control Photowatt's assets via its renewable energy subsidiary EDF Energies Nouvelles from March 1, 2012.
The buyer will retain 345 jobs out of the current 425 positions. The remaining 70 employees will be offered jobs at EDF.
The takeover is in line with EDF's ambition to become a leader in renewable energy, the electricity group said today.
EDF is set to inject EUR 75 million (USD 100m) in the acquired firm to secure its viability.
(EUR 1.0 = USD 1.339)

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