Germany: Bard Holding Expects Takeover Within 12 Weeks
The German company Bard Holding GmbH hopes the negotiations on its takeover will end within about 12 weeks, Bloomberg reports.
Axel Bahr, the company’s spokesman, has stated that Bard expects “indicative offers” at end-March and completion in 6 to 12 weeks, however it remains unknown which companies are involved in the current talks. Cost and technical challenges from developing the 400-megawatt Bard Offshore 1 wind farm in the German North Sea, about 100 kilometers (62 miles) from Borkum island, has led to “financial pressure” for Emden-based Bard, Bahr said.
The company started seeking a “strategic investor” last year in September and appointed JPMorgan Chase & Co. (JPM)’s investment banking arm to sell an 87.5 percent stake. Daewoo Shipbuilding & Marine Engineering Co., Ltd. (042660) expressed their interest in November.
UniCredit Bank AG (HVM), which provided about 1.74 billion euros ($2.3 billion) for the wind park from 2007 to 2010, agreed to secure another 1.17 billion euros in August 2011, “on the basis of various technical and legal reports by external consultants stating that the project was feasible,” the bank said. The bank’s statement said the 2.9 billion euros of UniCredit funds would allow the park to be finished.
Offshore WIND staff, March 19, 2012; Image: bard-offshore