More rumors emerge over Hanwha’s Q.Cells takeover

09. August 2012 | Industry & Suppliers, Markets & Trends | By:  Becky Beetz

New media reports have indicated that Korea-based Hanwha Group is gearing up to take the insolvent Q.Cells over as soon as next month.

Q.Cells HQ in Germany

Rumor is rife that Q.Cells will be taken over by Hanwha.

At the end of June, Reuters reported that Hanwha was considering taking the German photovoltaic manufacturer over. While both parties declined to comment on the news, another report has emerged in today’s edition of the Korean Herald, which states Hanwha Chemical Corp., a subsidiary of the Hanwha Group is "currently in the final stage of capping the acquisition deal of Germany’s Q-Cells SE."

The newspaper writes that Hanwha could take Q.Cells over as early as next month. It added that the Korean company has declined to comment. A Q.Cells’ spokesperson also remained tightlipped when questioned by pv magazine.

Q.Cells filed for insolvency with the Dessau district court in Germany on April 3. It was then announced on July 2 that insolvency proceedings had been opened for the company. At the time, insolvency administrator, Henning Schorisch stated that the next phase of the investor search had been started, and that a number of interested parties had been invited to review Q.Cells’ records. He added that no redundancies are expected for the company’s 1,300 strong workforce.

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