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LDK Solar buys stake in Sunways – proposes takeover.

LDK Solar has entered into an investment agreement with Sunways AG to acquire 33% of Sunways’ increased share capital following a capital increase, at the same time as proposing a takeover.

By Kari Williamson

In the capital increase, LDK Solar will subscribe for a total of 5.79 million new shares of Sunways to be issued against a cash contribution and contributions in kind.

The issue amount of the shares to be granted against the cash contribution amounts to a total of €2,201,805.50.

Takeover proposal

LDK Solar has also announced its intention to submit a public takeover offer for all outstanding shares in Sunways.

The takeover offer is expected to be published in late January 2012, with a cash consideration of €1.90 per share to be offered to the Sunways shareholders.

Xiaofeng Peng, Chairman, CEO and founder of LDK Solar, says: “We are investing in Sunways because we are convinced of the synergies of our two companies in light of our and Sunways’ products and business models. We also believe in the market potential of the Sunways brand. This is a perfect match for both sides.”

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