CNOOC in talks to buy Canadian Solar-reports

April 16 Mon Apr 16, 2012 8:36am EDT

April 16 (Reuters) - China National Offshore Oil Co Ltd (CNOOC) is in talks to buy photovoltaic solar maker Canadian Solar Inc, according to Chinese media reports.

China Business Journal first reported on April 14 that CNOOC was negotiating the purchase of Canadian Solar, which is headquartered in Canada but has most of its operations in China. Canadian Solar shares are listed on the NASDAQ.

Neither Canadian Solar nor CNOOC was immediately available to comment on the reports.

Like others in the solar industry, Canadian Solar has been hurt by the steep decline in prices for solar panels amid a massive oversupply of the equipment used to turn sunlight into electricity.

The company's share price has dropped about 70 percent from the high seen in June last year, and its market value was currently $143 million.

Shares of Canadian Solar were up 17.3 percent to $3.86 in premarket trading on Monday.