Update: Isofoton to invest €300 million in Q.Cells28. August 2012 | Top News, Industry & Suppliers, Markets & Trends | By: Becky Beetz
Following the news that Spain-based Isofotón had also submitted a bid to take Germany’s Q.Cells over, pv magazine has learned that if the offer is accepted, it will invest €300 million in Q.Cells’ businesses. Under 10% of the workforce would also be cut.
Spokeswoman for Isofotón, Gemma Martin Piquet confirmed to pv magazine that the company has submitted an offer to Q.Cells’ administrator yesterday, which has been accepted and will be presented to the creditors meeting, tomorrow, August 29. "They [Q.Cells’ creditors] can vote tomorrow or they can vote later, so nothing has been decided," she said in reference to the news that Hanwha and Q.Cells' insolvency administrator had signed a contract on Sunday, August 26.
Isofotón intends, together with an unnamed U.S. fund, to create a European industrial group. Although the company would cut under 10% of Q.Cells 1,300 strong workforce, overall, it does not plan major restructuring.
As Martin Piquet said, a total of €300 million will be invested in Q.Cells if the takeover goes ahead, of which €100 million will be invested in Germany in order to improve Q.Cells’ high efficiency cells. She added that Isofotón already works with Samsung in this area, and it is one of the company’s "core strategies". "It is very important to maintain the R&D area," she said.
South Korea vs. Spain
For the last few months rumors have been circulating that South Korea’s Hanwha Group will take Germany-based Q.Cells over. They were officially put to rest yesterday, when Q.Cells confirmed a takeover contract had been signed by its insolvency administrator, Henning Schorisch and Hanwha, leading many to believe the deal was done and dusted.
Spokesman for Henning Schorisch, Christoph Möller, declined to comment on the news that Isofotón had submitted a bid, telling pv magazine that the investor process is confidential. However, Isofotón is confident that no concrete decisions have yet been made, meaning the field is still potentially wide open.
A final decision about who will be successful in their takeover bid is expected to be made tomorrow, August 29 at a Q.Cells’ creditors meeting.
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