Hanwha continues tidy up of solar business with NASDAQ delisting


Hanwha Q Cells Co. Ltd.’s removal from New York’s NASDAQ exchange is expected to be complete in the first quarter of next year, as the sprawling Korean cell and module maker completes its process of simplifying its solar businesses.

The New York-listed business will be taken back fully into private ownership by Hanwha Solar Holdings, a subsidiary of the Hanwha Chemical Corporation that, it was announced a month ago, will also assume control of two more Hanwha solar-linked units that are set to be merged.

An update released to the NASDAQ exchange yesterday confirmed Hanwha Solar – which already owns 94% of the shares in the New York listed unit – will pay $0.20 for each ordinary share it does not own, up from an earlier offer of $0.18, and $9.90 for each of the outstanding American depositary share (ADS) bundles of 50 shares, up from an earlier $9 offer.


How many Hanwha solar businesses are there?

Hanwha Q Cells Co. Ltd.’s board has accepted the offer, which it says offers a 50% premium to the trading price for the shares when dealing was suspended on August 2 – when the plan to take ownership back in house was announced – and a bonus of 52% on the three-month average share price before that date. The transaction does not require shareholder approval because of the scale of Hanwha Solar’s existing holding.

With a spokesman for the company having previously told pv magazine the cost of taking the New York-listed unit would be around $45 million, the final details of the transaction value the acquired business at $825m.

In a separate development, Hanwha announced a month ago that its Q Cells Korea business will merge with its Advanced Materials unit with the new division becoming another subsidiary of Hanwha Chemical Corporation.

That merger will see the Advanced Materials business buy out the Korean unit’s three main shareholders in another show of internal horse trading. Hanwha General Chemical Co. owns 50% of Q Cells Korea, with Hanwha Corporation owning 20% of the stock and H-Solution Corp. 10%.

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