Jan. 23 (Bloomberg) -- Solon SE, a German solar-panel maker in bankruptcy proceedings, rose the most in more than eight years as Middle Eastern supplier Microsol International sought approval from German authorities to buy part of the company.
Solon as much as doubled in value, in the steepest gain since April 2003. 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 “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.
The Middle East company has a “big interest” in Solon, Microsol General Manager Chakradhar Vummethala told Tagesspiegel today, declining to value an offer as other parties may bid.
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. It rose 65 percent to 49.1 euro cents by 3:45 p.m. in Frankfurt, giving the company a market value of 8.5 million euros.
Microsol, founded in 2003, runs a solar-cell plant with 150 megawatt capacity and has more than 200 workers, according to its website. Solon, which in 1998 became Germany’s first listed photovoltaic producer, employs more than 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.
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