Suntech Set for Takeover by Wuxi Government in China, NYT Says

Suntech Power Holdings Co. is preparing to be taken over by local government authorities in Wuxi where it’s based, the New York Times reported.

A deal has been reached for the acquisition of all or part of Suntech, the newspaper said today, citing an unidentified woman who answered the phone at the executive offices of Wuxi Guolian, a holding company set up by the local government in 1999 with assets of 42.6 billion yuan ($6.9 billion).

A Suntech spokesman declined to comment, the paper said.