Solarworld Rises as Companies Cancel Protests: Frankfurt Mover
Solarworld AG (SWV) rose the most in more than a week in Frankfurt trading after two Chinese competitors canceled protests against an anti-dumping complaint in Europe led by Germany’s biggest solar-panel maker.
Solarworld climbed as much as 7.1 percent, the steepest intraday gain since July 24, after Trina Solar Ltd. (TSL) and Yingli Green Energy Holding Co. (YGE) canceled plans by its workers to stage the demonstration. It advanced 5.8 percent to 1.245 euros a share as of 11:22 a.m., trimming its loss this year to 62 percent and giving the company a market value of 139.1 million euros ($171 million).
Solarworld is leading a push by about 25 European manufacturers for the European Commission to probe whether Chinese rivals sold products at a loss on regional markets. The U.S. has proposed anti-dumping duties ranging from 31 percent to 250 percent on Chinese solar manufacturers after the Commerce Department in May ruled they sold products below costs.
Trina, China’s fourth-biggest solar-module maker, quashed the protest on the advice of government officials, a spokesperson said. The demonstration by 10,000 workers at Yingli Green Energy’s five plants was canceled due to “weather conditions at the Tianjin and Hainan plants,” Liang Tian, a company spokesperson, said by phone today.
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