The German photovoltaic company said that it was today informed by Switzerland-based Meyer Burger that "the preparations for the intended control and/or profit transfer agreement between MBT Systems GmbH as controlling company and Roth & Rau AG as dependent company have been discontinued."
A spokesperson for Roth & Rau told pv magazine that the decision will not affect the public takeover bid that Meyer Burger launched earlier in the year, and that the company will continue to operate under the group.
It was announced in June that Meyer Burger had acquired 81.9 percent of the share capital of Roth & Rau.
Roth & Raus CEO, Peter Frankfurter said that he views today's decision as an opportunity to focus on the companys strategic realignment and targeted turnaround, following a shaky third quarter, which saw falling revenues and a hard-hit EBIT. He added that the company will focus its efforts on turning the poor financial performance around, by adapting both its cost and organizational structures.
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