UAE’s Microsol bids for bankrupt German Solon

04 Mar 2012

(MENAFN) Germany’s Solon’s insolvency administrator, Ruediger Wienberg, said that the group received a binding offer from UAE-based Microsol, reported Arabian Business.

Wienberg added that the offer needed to be accepted by March 5 and the German cartel office had already consented to the takeover, however, he didn’t reveal a purchase price.

On the other hand, he said that Microsol had filed for the purchase of Solon with the German cartel office in January, but there were still five or six parties interested and no decision had been made at that time.

It is worth noting that Solon filed for insolvency in December, to become Germany’s first casualty of a sector crisis caused by oversupply of solar modules, fierce pricing pressure and declining government support for solar power.

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