South Korea’s Hanwha Group is attempting to acquire German solar manufacturer Q-Cells, but now Spain is getting in on the action. Isofoton has joined the bid round saying that the Madrid-based company decided to enter a bid after a meeting with Q-Cells president, but no details were disclosed.
According to a statement released by the German company on Sunday, Q-Cells’ insolvency administrators and Hanwha had already signed a preliminary contract with the South Korean group.
Q-Cells employs about 2,300 people. After going public in 2005, the company went on to become the world’s largest maker of solar cells. It lost that title in 2009, suffering from low-cost competition from Asia, pricing pressure and excess supply of solar cells in the market.
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