Fuel Cell Companies listed in Canada

[Ed Monton]

New takeover bid for Global Thermoelectric
Last Updated Mon, 14 Jul 2003 10:14:11
TORONTO - Fuel cell company Global Thermoelectric Inc. (TSX:GLE) said Monday it has received an unsolicited takeover bid from an undisclosed firm that tops a $108-million stock-swap offer from Quantum Fuel Systems Technologies Worldwide.

Calgary-based Global said the new bid is a "superior proposal" to the April 2003 offer from California-based Quantum, adding that it plans to commence negotiations with the undisclosed party once a confidentiality agreement is signed.

Global said it still wants shareholders to review Quantum's offer and "is not making a recommendation as to how common shareholders should vote."

"Global will make a further announcement when either an agreement is entered into with respect to the competing proposal or discussions are discontinued," the company said.

The original offer from Quantum is due to close in the third quarter of this year.

Global Thermoelectric develops natural gas and propane-compatible solid oxide fuel cells for residential and light commercial applications, and makes thermoelectric stationary power generators for use in remote locations.

California-based Quantum - which is 19.9 per cent owned by General Motors - makes fuel systems for both automotive and stationary use.



Written by CBC News Online staff



http://www.cbc.ca/stories/2003/07/14/global_030714