Q-Cells Surges on Report of Hanwha Takeover: Frankfurt Mover

Aug. 9 (Bloomberg) -- Q-Cells SE, the German solar-cell and module maker that filed for insolvency in April, surged the most since 2005 after Yonhap News reported that South Korea’s Hanwha Chemical Corp. may complete a takeover by next week.

Q-Cells jumped 60 percent to 16 euro cents a share in Frankfurt trading, valuing the Thalheim-based company at 28.4 million euros ($34.9 million).

Hanwha will probably complete a deal to take over Q-Cells as early as next week, Yonhap reported, citing unnamed industry sources.

Christoph Moeller, a spokesman for Q-Cells’ insolvency trustee, called the report a rumor. “The business will continue as usual, this is all I’ll say at the moment,” he said in a phone interview.

Since December, at least six German solar technology companies have filed for insolvency amid increased competition and a glut of Chinese solar-modules that have dragged down prices.

“Hanwha is a big player in the solar industry, so the deal might fit,” Ingo Queiser, an analyst at Natureo Finance, said by phone.

To contact the reporter on this story: Janhenrik Forster in Frankfurt at jforster14@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net