LDK Solar’s bid to acquire Sunways has passed approval by the German Federal Cartel Office and Federal Financial Supervisory Authority (BaFin). LDK Solar had previously supplied wafers to Sunways and later in 2010 had secured production for branded Sunways modules. LDK gains access to Sunways range of PV inverters as part of the takeover.
A voluntary public takeover offer for all outstanding shares in Sunways at €1.90 per share has been offered by LDK in early January 2012, valued at approximately €22 million. The entire transaction is expected to be completed in the first quarter of 2012.