Sunways AG: Important Steps Taken in Connection with LDK Solar’s Participation

published: 2012-02-14 15:07 | editor: | category: News

Two major hurdles to the acquisition of an equity interest in Sunways AG by LDK Solar Co. Ltd. through its German subsidiary LDK Solar Germany Holding GmbH have been overcome.

The Federal Cartel Office has approved of the participation which is to be implemented, on the one hand, in the form of Sunways AG’s capital increases resolved on 31 December 2011 and, on the other hand, via the takeover offer by LDK Solar Germany Holding GmbH announced on the same day. Thus LDK Solar Germany Holding GmbH may, in the context of the capital increases from authorized capital, acquire about 33 percent of the increased share capital of Sunways AG and additional shares under the takeover offer.

Furthermore, the Management Board of Sunways AG has been informed today by LDK Solar Germany Holding GmbH that its offer document was published upon approval by the Federal Financial Supervisory Authority (BaFin).

The LDK Solar Group is among the world’s ten largest photovoltaics companies in terms of sales. As the world’s largest fully integrated manufacturer of silicon, wafers, solar cells and solar modules, LDK Solar has supplied raw materials to Sunways AG for many years and has been working with the company since 2010 under a cooperation arrangement relating to the production of Sunways solar modules.

LDK Solar Germany Holding GmbH, with its corporate seat in Germany, will subscribe for a total of 5.79 million new shares of Sunways AG in the context of two capital increases against a cash contribution and contributions in kind. The total issue amount will be EUR 11,001,000. Within the framework of the capital increase in kind, Sunways AG will inter alia acquire the indirect ownership of a company based in China and will thus have access to module production plants of the LDK Solar Group in China.

In addition to cost advantages, this will also result in opportunities for the joint development of high-efficiency solar modules. Furthermore, Sunways AG, thanks to its multiple-award winning inverter technology and with the aid of the sales presence of the LDK Solar Group, will also be able to position itself from the start in one of the major growth markets for photovoltaic products.

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