Q-Cells Surges on Report of Hanwha Takeover: Frankfurt MoverBy Jan-Henrik Forster
August 09, 2012 12:10 PM EDTFacebook
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Q-Cells SE (QCE), the German solar-cell and module maker that filed for insolvency in April, surged the most since 2005 after Yonhap News reported that South Korea
’s Hanwha Chemical Corp. may complete a takeover by next week.
Q-Cells jumped 60 percent to 16 euro cents a share in Frankfurt trading, valuing the Thalheim-based company at 28.4 million euros ($34.9 million).
Hanwha will probably complete a deal to take over Q-Cells as early as next week, Yonhap reported, citing unnamed industry sources.
Christoph Moeller, a spokesman for Q-Cells’ insolvency trustee, called the report a rumor. “The business will continue as usual, this is all I’ll say at the moment,” he said in a phone interview.
Since December, at least six German solar technology companies have filed for insolvency amid increased competition and a glut of Chinese solar-modules that have dragged down prices.
“Hanwha is a big player in the solar industry, so the deal might fit,” Ingo Queiser, an analyst at Natureo Finance, said by phone.
To contact the reporter on this story: Janhenrik Forster in Frankfurt atjforster14@bloomberg.net
To contact the editor responsible for this story: Angela Cullen atacullen8@bloomberg.net
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