tesla acquires solar panel company for $2 billion - powerwall battery
Elon Musk's Tesla car officially overtook the car as a clean car maker.
Shareholders overwhelmingly approved the acquisition of SolarCity on Thursday.
The deal, worth about $2 billion, will integrate all manufacturers.
Electric cars and batteries with rooftop solar panels.
More than Tesla shares voted for the merger.
The deal sparked a dispute between debt and the company.
Governance is a victory for Musk's vision of Tesla as one --
Stop shopping for consumers eager to be independent of fossil fuels.
The task now is to integrate the two companies, which have a short profit record and frequent financing needs --
Not to mention thousands of employees.
"We are trying to make an integrated product," Musk said in a meeting with Tesla shareholders in Fremont, California on Thursday . ".
"So you have an integrated solar roof with a power wall and an electric car on it, and you just go to the Tesla store and say yes that's going to happen.
It's seamless and you love it.
Tesla plans to leverage its strong brand and retail network through SolarCity's network of rooftop solar installers, and recently announced a "solar roof" product.
It is not clear what role SolarCity's chief executive, Musk's cousin, Lyndon River, will play in the merged company.
Ben Kallo, an analyst at Robert W. , said: "With a vote of 85, you will see long-term shareholders saying that we voted for Elon . "Baird.
"They said, 'We are not here next quarter, we have been here for three to five years.
It is not clear when the merger will officially end.
SolarCity is no longer expected to be a position-
As Tesla's only brand, Tesla sells its Powerwall battery for its home as a Tesla energy product.
"I think SolarCity is part of Tesla's energy, but I don't think it will happen overnight," Kallo said . ".
When he was five
Last month, Musk unveiled solar roof products at Universal Studios in Los Angeles, the Desperate Housewives.
Musk said on Thursday that the cost of this product will be equivalent to the ordinary roof, or a little cheaper, and the installation will start in the medium term. 2017.
Musk owns a stake in Tesla and shares in SolarCity, making him the biggest shareholder of both companies.
He and Antonio gresias, who also served as directors of the two companies, sidestepped themselves in a board takeover vote on July 30. Tesla rose 2.
188 to US dollars.
SolarCity rose 2 at close 66 on Thursday.
9 cents to 20 dollars. 40.
At these prices, all
Shares of solar companies are trading at $20. 75 copies, 1 copy.
Seven cents higher than Thursday's closing price.
When it was first announced at the end of June, the premium was about 35.
Tesla lost about $4.
Its market value has fallen by 8 billion since the first offer, while SolarCity's market value has fallen by about $86 million.
Tesla's quarterly profit last month was the first in Palo Alto, California.
Headquarters for eight quarters.
SolarCity has lost money in six of the last eight quarters.
Since San Mateo, California, the two companies have made five separate stock offerings.
S. -based solar companies sold shares to the public for the first time in December 2012.
The deal was well received by the agency consulting firm, with support from Institutional Shareholder Services, Glass Lewis & Co.
It is regarded as an "undisguised rescue plan ".
The International Space Station says Tesla will be able to make up for cash
Burn the funding gap in SolarCity and call the deal a "necessary step" in the power industry"
The efforts of automakers to become a comprehensive sustainable energy company.
"Tesla will cut SolarCity's debt," Musk said on Twitter earlier this month . ".
"Although unlikely, I will pay in person if needed.
Debt must be repaid.
The merged company must compete with the president.
Donald Trump, who was elected president, has a very different view of energy than President Barack Obama. The real-
Real estate tycoons vowed to cut environmental regulations and take advantage of climate change company Myron Ebell --
Change skeptics and lead his transition team at the Environmental Protection Agency.
CtW Investment Group, which works with pension funds, called on Tesla to implement corporate governance reforms, urging the company to add more independent directors to seven independent directorsmember board.
"Given the risk that the company is facing increased competition, changing political environment and expanding product lines, Dieter Waizenegger, ctW director, said in a statement: "Tesla urgently needs to upgrade its governance structure to a standard that is more suitable for listed companies of its size. ".