Solar groups Colexon, Renewagy plan to merge

Solar energy groups Colexon of Germany and Denmark's Renewagy plan to merge next year, Colexon Chief Executive Thorsten Preugschas told Reuters on November 27. The deal, which still needs shareholder approval, will create a group with sales above 110 million euros ($141.9 million) and a staff of nearly 100, he said.
The company would operate under the name of Colexon and would be set up as a European company (SE). Renewable energy companies successfully flocked to stock markets earlier this decade and analysts have said consolidation in the industry was overdue, especially as the global economic crisis makes financing pricier.