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STOCKS NEWS EUROPE-SMA Solar jumps on Danfoss deal

Reuters - UK Focus

Shares in SMA Solar jump as much as 8 percent to the top of Germany's technology index on news Danish energy firm Danfoss A/S will buy a fifth of the solar inverter maker for 302 million euros ($415 million).

"At first glance it looks like that would result in some procurement cost advantages for SMA," Equinet analyst Stefan Freudenreich says.

Unlisted Danfoss will pay 43.57 euros per share for 20 percent of SMA, a premium of 50 percent compared with the volume-weighted average price of the last 60 days. At 0917 GMT, shares in SMA are trading at 44.20 euros, up 6.9 percent from Tuesday's close and above Danfoss's offer price.

($1 = 0.7282 euros)

Reuters messaging rm://kirsti.knolle.thomsonreuters.com@reuters.net