Hanwha given green light for Q.Cells takeover10. October 2012 | Industry & Suppliers, Markets & Trends | By: Sandra Enkhardt
The European Commission has officially approved Hanwha Group’s acquisition of Germany-based Q.Cells SE.
According to Germany’s Mitteldeutsche Zeitung, the commission made the announcement today in Brussels. As such, the takeover can go ahead as planned. The majority of Q.Cells will now be acquired by Hanwha’s German subsidiary, Hanwha Solar Germany.
At the end of August, Q.Cells’ creditors agreed to sell the company to South Korea’s Hanwha for $322 million, or $50 million cash, plus $272 million debt assumption, according to Mercom Capital Group. In doing so, the creditors declined the offer made by Spain-based Isofotón.
As previously reported, Hanwha is looking to retain 1,250 of the 1,550 jobs at Q.Cells.
Translated and edited by Becky Beetz.
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