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Bidding War For Q-Cells

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Isofoton steps into ring with Hanwha over Q-Cells

Only a couple of days ago it appeared South Korean company Hanwha had some much needed good news for the business group with the announcement by Q-Cells that the South Korean conglomerate intended to acquire the insolvent photovoltaics company Q-Cells SE. This was quickly relayed throughout the electronic world that a deal had been struck and some went as far to claim it was official that Q-Cells had being brought. This was despite the same press release saying any deal was subject to creditor's meeting later in the month. It still appeared that what was once the world's largest solar cell manufacture would finally have the remainder of the company sold after offloading the thin-film solar module maker Solibro segment to Hanergy Holding Group, China's largest privately-owned provider of renewable energy.

It must have come as quite a shock to Hanwha's executives when less than 24 hours of Q-Cells making the announcement and signing letter of intent with insolvency administrator Henning Schorisch that Spanish solar giant,  Isofoton announced they had signed a letter of intent with Herr Schoisch. Isofoton's offer includes 300 million euros investment into the company and Isofoton Chief Executive Officer Angel Luis Serrano presented an offer to Q-Cells creditors creating a two horse race to acquire the assets and business holdings of the German company. The two offers could not be more different and investors will have some considering to do.

Hanwha was keen for some good news following the imprisonment of Hanwah Group Chairman Kim Seung-youn for embezzlement a month ago. The South Korean company is a business giant in its home territory but is a relative new comer to the solar industry. Solar International spoke to Hanwah executives last year who made it clear the company understood they had entered late but with a parent company with very deep pockets they could afford to wait out any slow down and would be looking to acquire market share through acquisition. Hanwah has been doing due diligence on the deal since June.  The counter offer from Isofoton will be seen as a barrier to that goal.

Isofoton on the other hand is a solar specialist company that has developed from its Spanish origins into a global company with well know strengths and goals. The company has teamed with Rocket Venture Fund from Ohio, where Isofoton plan to open new facilities in conjunction the University of Toledo. The offer includes the 300 million euros to be invested and a promise that fewer that ten percent of the Q-Cells workforce will lose positions. The insolvency administrator has so far avoided any job loss at the company. The Q-Cells announcement stated that Hanwah will be taking on business liabilities in the low hundreds of millions, as well as a cash purchase price in the medium double-digit million Euro range. Isofoton has more public detail to their offer but the decision will come to the Q-Cell investors and whether they want to offload their shares at highest offer or maintain a presence with the new venture for a longer term view of their investment.

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