Ballard Shareholders Approve Acquisition
Ballard Power Systems Inc. (Vancouver, BC) announced that its shareholders have approved the acquisition of the interests of DaimlerChrysler Corp. (Auburn Hills, MI) and Ford Motor Co. (Dearborn, MI) in XCELLSIS (Vancouver, BC) and Ecostar Electric Drive Systems (Dearborn, MI), to become the world leading supplier of complete vehicular fuel cell engines, and to offer an expanded range of products from components to power generators.
Over 99 percent of the shares voted were in favor of the acquisition and related matters. The transaction is expected to close by the first week in December 2001.
"The overwhelming vote in favor of the acquisition reflects the recognition by Ballard shareholders of the value in this transaction," said Firoz Rasul, chairman and CEO. "This transaction strengthens Ballard as a global company engaged in a wide range of markets with an expanded product range, an unrivalled intellectual property portfolio and the committed partners to build a world-class commercial business."