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Tanfield Group Announces EV Merger Plan

Tanfield Group has announced a proposed U.S. flotation of its electric vehicle businesses.

The group has signed non-binding heads of terms to consolidate Smith Electric Vehicles (SEVUK) and (Smith Electric Vehicles US) SEVUS.

Tanfield, which received a £37m offer to buy out its electric vehicle division from its US sister company, is now set to enter a merger instead.

March’s original offer to buy Tanfield owned Smith Electric Vehicles came from its partners in Smith Electric Vehicles US, in which the Tanfield owns a 49 percent stake.

But in an announcement to the Stock Exchange this morning it appeared Tanfield had decided to retain an interest in the fast-growing US electric vehicle market by merging SEVUK with SEVUS.

The company said that the merger was a consequence of a review of how to optimize shareholder value and of general market opportunities. Under these updated terms of the consolidation Tanfield Group is expected to retain a significant interest in the combined entity and share in its future growth and opportunity.

Aug 9, 2010Blagojce Krivevski
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Blagojce Krivevski

Blagojce Krivevski is physicist and green technology lover. Keep in touch with Blagojce through his email, web site, Twitter, Linkedin, Facebook and Google+.

August 9, 2010 Electric Car NewsSmith Electric Vehicles, Tanfield
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