Stefan Quandt, a billionaire heir to Bayerische Motoren Werke AG (BMW)’s controlling family, plans to take a controlling stake in Solarwatt AG, a producer of solar modules and power plants.
Quandt, who already owns 36 percent of Dresden, Germany- based Solarwatt, filed his intention to take control with the federal cartel office, according to its website.
Solar makers in Germany are struggling with reduced government support and competition from Chinese companies that have created a glut of panels. Q-Cells SE (QCE), once the biggest solar-cell maker, Solon SE (SOO1), Solar Millennium AG (S2M) and Solarhybrid AG (SHL) have all filed for insolvency since December.
To contact the reporter on this story: Sheenagh Matthews in Frankfurt at email@example.com
To contact the editor responsible for this story: Benedikt Kammel at firstname.lastname@example.org