Ballard Power (BLDP) announced it has exercised its right to call a CDN $55 million investment from its Vehicular Alliance partners, DaimlerChrysler AG and Ford Motor Company, pursuant to a Call Agreement entered into by the parties on December 31, 2003. DaimlerChrysler will purchase 2,431,388 common shares of Ballard at CDN $12.34 per share, for an aggregate purchase price of CDN $30 million. Ford will purchase 2,026,157 common shares of Ballard at CDN $12.34 per share, for an aggregate purchase price of CDN $25 million. Under the Memorandum of Understanding between the parties dated July 8, 2004, if Ballard did not call the investment before year end, the share price would have reset to market price. The transaction is expected to close the first week of January 2005. [ more ] BLDP is up over 8% at the open on this news.
