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GCL-Poly says to buy $3.38 billion solar energy asset
HONG KONG (Reuters) - GCL-Poly Energy, an independent power cogeneration plant operator in China, said on Tuesday it would pay US$3.38 billion for a Jiangsu province maker of polysilicon and wafers used in the solar industry.
The company said it would buy the stake from its controlling shareholder Zhu Gong Shan by issuing US$350 million in notes, a US$200 million cash payment, and the remainder settled by issue of new shares at HK$2.2 each.
The issue price represented a 12 percent discount to the last closing price of HK$2.5 on June 3 prior to a trading suspension. Trading in the shares will resume on Tuesday.
GCL-Poly shares held by the controlling shareholder will be increased to 56.17 percent on completion of the deal, from 34.47 percent.
(US$1=HK$7.8)
(Reporting by Donny Kwok; Editing by Ken Wills)
