Hanwha interested in acquiring Q-Cells' production site in Germany - report
Aug 16, 2012 - South Korean Hanwha Chemical Corp (KRX:009830) is interested in acquiring both the German and the Malaysian production sites of German solar panel maker Q-Cells SE (ETR:QCE), daily Mitteldeutsche Zeitung reported, citing sources in the know.
According to the paper, Hanwha has already submitted an offer for the insolvent German company.
In addition, the South Korean firm is interested in taking over the majority of the 1,200 Q-Cells' employees at the production plant in Bitterfeld-Wolfen. Q-Cells employs some 500 people in Malaysia.
Mitteldeutsche Zeitung also reported that the creditors' committee of Q-Cells apparently favours the offer of Hanwha.
Speculation about Hanwha's interest to acquire Q-Cells emerged in June.
Q-Cells filed for insolvency in early April. A number of German solar technology companies have gone bust since December 2011 due to the increased competition and the cheaper Chinese solar panels.