South Korea’s Hanwha Chemical (009830.KS) will purchase a 49.99% stake in China’s Solarfun Power Holdings (SOLF.NASDAQ), the world’s fourth-largest solar module producer, for US$370 million, Reuters reported. Hanwha will pay US$10.72 per American Depositary Share, or a 4.6% premium to Monday’s closing price, the two companies said in a joint statement. "With its substantial financial resources, extensive global relationships and proven expertise in building energy projects, the relationship with Hanwha will be invaluable to Solarfun as we continue to grow our business and penetrate new markets," Solarfun CEO Ping Peter Xie said in a statement. Hanwha said the acquisition was aimed at securing production capacity in the fast-growing Chinese market. The final deal is expected by the end of October.
You must log in to post a comment.