Q-cells takeover: sud korean group continues negotiations

Q-cells takeover: sud korean group continues negotiations

"The deal is not yet finalized, talks will continue," a representative of the hanwha group told the dpa news agency in seoul on saturday. To his knowledge, a purchase agreement has not yet been signed. However, he hinted that this could be the case in the next few days. But at this point he could not say anything about it.

A spokesman for the insolvency administrator of Q-cells also said on friday, in response to a question from the dpa news agency, that the sale was not yet perfect. He will not comment on the status of negotiations before signing the contract. It was agreed to keep the details confidential.

The "financial times deutschland" had previously reported in its online edition that the contract was to have been signed on friday. The newspaper referred to negotiating circles. The investor wants to take over 1200 Q-cells employees and also retain the production site in bitterfeld-wolfen (saxony-anhalt). The sale is expected to be completed in september, at the latest in october.

Hanwha had confirmed in the middle of this month that its chemicals subsidiary hanhwa chemicals had taken a close look at the Q-cells plants in germany and malaysia. The acquisition of the german company was a good fit for hanwhas growth strategy in the solar energy sector. Hanwha is the tenth largest industrial company in south korea with sales of 35 billion won (25 billion euro). Q-cells recently had 2200 employees worldwide, including 1300 at the headquarters in bitterfeld-wolfen and 500 in Malaysia.

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