Private American manufacturer of electric Tesla Motors has insufficient funds to previously announced merger and integration with the energy company SolarCity. About it writes The Wall Street Journal, citing informed sources.
According to interlocutors of publication, the owner of the company Elon Musk informed the financial authorities of the US about the need to find additional funds to pay $422 million to owners of shares of the company for the third quarter of the current year and to Finance the merger with SolarCity.
The sources added that in recent weeks the purchase of shares and investment in the development of SolarCity declined 15 companies. According to reports by 30 June, the amount available to the company the available funds for the year decreased by 65% from $421 million to $146 million
In early August, Tesla Motors has reached an agreement to purchase solar energy provider SolarCity Corp. The transaction amount will be $2.6 billion, which is $286 million less than the supply Jun.
To close the deal, the company planned at the end of 2016. Will the current financial constraints on the timing of the agreements is still unknown.
Co-owner of Tesla and founder Elon Musk is also Chairman of the Board of Directors and the holder of a 22% stake in SolarCity. He was also the initiator of the transaction.
The merger of the two companies, according to the plans of the Mask, formed a joint Corporation, which will sell solar panels, batteries for solar modules and electric cars. Such a merger would reduce expenses by $150 million in the first year of operation.