According to Germanys 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 Hanwhas German subsidiary, Hanwha Solar Germany.
At the end of August, Q.Cells creditors agreed to sell the company to South Koreas 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.