Ballard Signs Agreement to Sell German Subsidiary to DaimlerChrysler and Ford
VANCOUVER, CANADA — Ballard Power Systems Inc., DaimlerChrysler AG, and Ford Motor Co. have signed an agreement for the previously announced sale of Ballard’s German subsidiary, Ballard Power Systems AG, to DaimlerChrysler and Ford.
The transaction is subject to approval by Ballard’s shareholders at a Special Meeting of Shareholders to be held in Vancouver in August. The transaction is also subject to any required approvals of regulatory agencies in Canada, the United States, and Germany, all of which are expected to be received in August 2005. The transaction is expected to close shortly after shareholder approval is granted.
Additionally, the acquisition agreement contemplates that after shareholder approval, the parties will complete the transaction, including entering into the Fourth Alliance Agreement and development agreements for the next generation vehicular fuel cell and electric drive train.
Upon completion of the transaction, Ballard will continue to be responsible for the design, development, and manufacture of vehicular fuel cells for its Alliance partners. DaimlerChrysler and Ford will be jointly responsible for the design, development, and manufacture of the vehicular fuel cell support system.