Solon SE, a German solar-panel maker in bankruptcy proceedings, rose the most in almost eight years as Middle Eastern supplier Microsol International sought approval from German authorities to buy part of the company.
Solon rose 55 percent to 46 euro cents a share at the close in Frankfurt, the steepest one-day gain since March 2004. United Arab Emirates-based solar-cell maker Microsol filed an acquisition clearance request for Solon’s photovoltaic business with German regulator Bundeskartellamt.
Microsol would obtain access to “a well-known brand, good technology and the German photovoltaic market,” the world’s largest, said Henning Wicht, an analyst at researcher IHS Isuppli, by phone.
Microsol, based in Fujairah, the United Arab Emirates, has a “big interest” in Solon, General Manager Chakradhar Vummethala told Tagesspiegel today, declining to value an offer as other parties may bid before a deadline to do so runs out at the end of this month.
Solon is in talks with a “handful” of possible buyers, Ruediger Wienberg, insolvency administrator at HWW Wienberg Wilhelm, said Jan. 9. Christoph Moeller, a Wienberg spokesman, said today it’s common for potential investors to request clearance before an acquisition contract has been agreed.
“Speeding things up is open to every potential investor,” he said. Therese Raatz, a Solon spokeswoman, wouldn’t comment.
Solon filed for insolvency after talks failed with lenders and investors to extend repayment of a 275 million-euro ($358 million) loan to German banks including Deutsche Bank AG. The company has a market value of 7.9 million euros.
Microsol, founded in 2003, runs a solar-cell plant with a capacity of 150 megawatts and has more than 200 workers, according to its website. Solon, which in 1998 became Germany’s first listed photovoltaic producer, employs about 800 at units in Italy, Germany, France and the U.S., according to its website. Germany installed a record 7.5 gigawatts of solar panels in 2011.