Hanwha confirms Q.Cells interest13. August 2012 | Top News, Industry & Suppliers, Markets & Trends | By: Sandra Enkhardt
A spokesperson for Hanwha has officially confirmed the company’s interest in the insolvent Q.Cells. An offer from the Korean company is expected this week.
Following speculation, Hanwha has finally confirmed that it wants to secure the contract for Germany-based Q.Cells SE. To do so, it has said it wants to present a significantly higher bid than other buyers. It is believed a buyout could cost hundreds of millions of dollars.
According to the Hanwha spokesperson, and reported by Germany’s Leipziger Volkszeitung, the conglomerate wants to present its formal takeover offer this week. The newspaper report continued by saying that Hanwha is confident it will be selected as the preferred bidder, and that a takeover of Q.Cells could be complete by the end of this September. Q.Cells’ insolvency lawyer, Henning Schorisch declined to comment.
In May, Hanwha chief, Kim Seung Youn sent a group to conduct due diligence at Q.Cells’ German headquarters and Malaysian manufacturing plant.
In related news, Q.Cells announced that the creditors of the convertible bonds due in 2015 will not order a common representative.
Translated by Becky Beetz.
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