FuelCell Energy says to buy Global Thermoelectric

NEW YORK, Aug 4, 2003; Reuters reported that fuel cell developer FuelCell Energy Inc. said on Monday it will acquire Canada's Global Thermoelectric Inc.for about $80 million in stock.

Danbury, Connecticut-based FuelCell Energy will pay $2.72 for each share of Calgary, Alberta-based Global Thermoelectric.

The deal, which is subject to both shareholder and regulatory approval, is expected to close in the fourth quarter of 2003.

Fuel cell developer FuelCell Energy Inc. said on Monday it will acquire Canada's Global Thermoelectric Inc. for about $80 million in stock.

Danbury, Connecticut-based FuelCell Energy will pay $2.72 for each share of Calgary, Alberta-based Global Thermoelectric.

The deal, which is subject to both shareholder and regulator approval, is expected to close in the fourth quarter of 2003.

Quantum Fuel Systems Technologies Worldwide, which had put in the initial bid for Global, said on Monday that it would not improve its lower bid, and collected a US$2 million break-up fee from Global based on a "combination agreement" the two had signed earlier.