Q-Cells Takeover Offer to be published this week

The insolvent solar group Q-Cells located in Bitterfeld-Wolfen, is apparently about to be sold to Asia. The South Korean conglomerate Hanwha, previously acted as the hottest prospect, supposedly wants to submit a formal bid next week. Sale may take place as soon as September. Talks to acquire Q-Cells were close to completion, reported the South Korean newspaper. If nothing unforeseen longer come between them, the Hanwha Group will next week send an official bid to insolvency rep Henning Schorisch, the paper stated quoting industry sources. Hanwha has been checking Q-Cells books and assets for 4 weeks already. The Group refused to confirm those statements on Friday. Henning Schorisch’s spokesman Christoph Möller did not make comments on “rumors” as he put it. Hanwha spokesman Jang Woo Park did not say anything upon request to the state of Q-Cells plans. As early as five weeks ago he had confirmed that his company was interested in Q-Cells and a purchase would be reviewed internally.

"The investment process is ongoing," said spokesman Scholars Möller, and there are still several interested parties. He did not name anyone. Early June, the trustee has sold the Q-Cells subsidiary Solibro - to the Chinese Hanergy Group, active mainly in hydropower. Q-Cells' takeover mastermind, Hanwha Chairman Kim Seung-Youn, promised according to Korea Herald to formulate cost reductions and quality improvements. Therefore it would make Hanwha the world leader in the solar industry, it said, a position Q-Cells had some years ago - before being overtaken by the emerging competition from China. The triggered by the falling price of solar cells Q-Cells had been forced into bankruptcy in April. Unlike the neighbor, also insolvent Sovello, no jobs have been eliminated. The production is continuing, only 100 employees had left the company so far, but all on its own. The workforce has shrunk to 1150 workers. Sovello In contrast had let go half of its 1,000 employees. Sovello stated that is looking for investors - especially in Asia.