Orkla ends REC put option deal with Q-Cells

OSLO, April 30 (Reuters) - Norwegian conglomerate Orkla (ORK.OL) said on Wednesday it had agreed to end an agreement with Germany's Q-Cells (QCEG.DE) over put options in solar industry group Renewable Energy Corporation (REC.OL) (REC).

It said the option deal was made when Orkla bought about 12.48 percent of REC from Good Energies Investments B.V. in February and GEI sold about 17.9 percent of the outstanding shares in REC to German solar energy group Q-Cells.

"In connection with these transactions, Orkla issued put options in favour of Q-Cells, and acquired certain rights with respect to Q-Cells' shares in REC," Orkla said in a statement.

"Orkla and Q-Cells have today entered into an agreement to terminate both the put options and Orkla's rights with respect to Q-Cells' shares in REC, with immediate effect," it said.

It said the net value of the rights and obligations at 31 December 2007 was estimated at 67 million Norwegian crowns ($13.05 million)$ on Orkla's balance sheet. "There is no capital expenditure incumbent upon any of the parties in connection with the termination of the agreements," it added. (Reporting by Patrick Lannin)