News Article
Shunfeng Photovoltaic announce success in bid for Suntech
Shunfeng Photovoltaic International Ltd has announced over the weekend that it won a bid to acquire the main Chinese unit of Suntech Power Holdings Co. It has been reported in Chinese press that Shunfeng will pay 3 billion yuan (US$491 million).
Suntech Power announced in March that its main subÂsidiary in China, Wuxi Suntech, would seek bankruptcy and restructuring. Suntech, which has struggled due to global overcapacity and falling prices, had been accused in the past by competitors of driving prices down.
Shunfeng Photovoltaic International, said Wuxi Suntech would become its wholly-owned unit after the transaction.
