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Hanwha Chem to buy 50 percent of Solarfun for $370 million

Tue, 08/03/2010 - 6:26pm
Reuters

SEOUL/BANGALORE (Reuters) - South Korea's Hanwha Chemical will acquire a 49.99 percent stake in Chinese photovoltaic (PV) cell maker Solarfun Power Holdings Co for 434 billion won ($370 million) to expand into new products in China.

Hanwha would pay $10.72 per American Depositary Share (ADS), or a 4.6 percent premium to Monday's closing price of Solarfun -- the world's fourth-largest solar module producer with 900 megawatts of annual capacity.

Shares of Solarfun, which have shot up 40 percent over the past one month, jumped as much as 20 percent to a high of $12.30 Tuesday morning on Nasdaq.

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