Bosch has bought a minority position of almost 40 percent of Aleo Solar


AG’s shares. The company said it paid €46 million (about $65.7 million)

for the Oldenburg (Germany) based manufacturer of solar modules. At the

same time, Bosch issued a tender offer to the shareholders, offering €9

which is 43 percent above Aleo’s average share price of the past three

months. Bosch plans to acquire at least 75 percent of Aleo’s shares.

At the same time Bosch also announced that it has taken over

more than 60 percent of Johanna Solar AG (Brandenburg, Germany). Aleo

in turn holds about 17 percent in Johanna Solar, a manufacturer of CIGS

(Copper Indium Gallium Selenide), a non-silicon material for thin-film

solar cells. Johanna’s modules are sold via Aleo.

Bosch already holds the majority of solar cell manufacturer Ersol AG

(Erfurt, Germany). A company spokesperson explained the two companies

acquired now are active in different places of the value chain than

Ersol: While Ersol produces silicon-based solar cells and thin-film

solar cells based on silicon, Johanna complements these activities by

manufacturing CIGS-based cells. Aleo is active further down the value

chain in that it assembles the solar cells into modules. “Thus, we

cover the entire value chain from ingots to modules”, a Bosch

spokesperson said.

Another motive for the Aleo takeover is that the company disposes of a

far-flung sales network across Europe. “It has a well-established

position in retail sales and among system integrators,” the

spokesperson said. The move also enables Bosch to expand its product

spectrum, he added.

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