EdF looks to take Photowatt over

10. February 2012 | Industry & Suppliers, Markets & Trends | By:  Oliver Ristau

French electricity giant, Electricité de France (EdF) has announced its intention to acquire French solar producer, Photowatt, which filed for insolvency last November.

Bourgoin-Jallieu, France

Fotowatt is located in Bourgoin-Jallieu, France.

A speaker of EdF has confirmed the company’s intention to file an offer for the acquisition of Photowatt, French news agency AFP reported. In doing so, EdF corroborated remarks made by French president Nicolas Sarkozy ahead of his visit to Photowatt’s headquarters in Bourgoin-Jallieu, the Departement of Isere (Rhones-Alpes) on an election campaign tour. There he is expected to announce EdF’s involvement in the restructuring of the group.

It is reported that EdF is not the only candidate interested in acquiring the company, however, which has been going through a period of  restructuring since November 2011.

According to reports, bidders have been encouraged to submit their offers until February 10. The Court of Commerce of Vienne now has until February 21  to decide on the new owner.

Photowatt formerly belonged to Canadian ATS, which was not able to guarantee the financial survival of the group.

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