China's LDK Solar to acquire 33% stake in Sunways, plans takeover

03 January 2012 09:40  [Source: ICIS news]

SINGAPORE (ICIS)--LDK Solar will acquire a 33% stake in German solar-cell and module maker Sunways and has offered to purchase the remaining stake in the firm, the China-based photovoltaic (PV) products maker said on Tuesday.

LDK Solar will first acquire 33% of Sunways through a capital increase and plans to acquire the remaining shares via a public takeover offer worth €1.90 ($2.47) a share, the company said in a statement.

The completion of the takeover offer is currently expected in the first quarter of 2012, the company said.

LDK Solar is not planning to delist Sunways’ shares from the Frankfurt Stock Exchange, according to the statement.

Through the deal, Sunways will have access to LDK Solar's module production plants in China for the further joint development of high-performance solar modules, it added.

"We are investing in Sunways because we are convinced of the synergies of our two companies in light of our and Sunways' products and business models,” said Xiaofeng Peng, chairman and CEO of LDK Solar.

($1 = €0.77)

By: Nurluqman Suratman

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