Ballard Power Systems has confirmed it is in negotiations over the sale of its fuel cell division.

A report from German business weekly WirtschaftsWoche on Saturday said that the firm has already agreed to sell the unit to Daimler.

The report did not give financial details, but said, citing an unnamed source at Ballard, that negotiations between the two companies were complete and that the deal will be officially confirmed in November.

However, in a release issued yesterday, Ballard said that no sale had yet been agreed but that it has been reviewing strategic alternatives for the division and had been negotiating with Ford and Daimler.

Daimler already holds an 18.7 per cent stake in Ballard, while Ford owns 11.2 per cent of the alternative power solutions company.

Sources:

Ballard Says Reviewing Options With Regard To Automotive Fuel Cell Assets - Update, 04/10/07
http://www.tradingmarkets.com/.site/news/BREAKING%20NEWS/781668/

Daimler to buy Ballard's auto business: magazine, 03/10/07
http://investing.reuters.co.uk/news/articleinvesting.aspx?type=tnBusinessNews&storyID=2007-11-03T165037Z_01_L03193800_RTRIDST_0_BUSINESS-BALLARD-DAIMLER-DC.XML

Ÿ Adfero Ltd