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Reuters-Summit-SolarWorld won't take active role in shakeout-CEO
June 14, 2011 / 9:52 AM / in 6 years

Reuters-Summit-SolarWorld won't take active role in shakeout-CEO

* CEO says Q2 sales up about a third pct vs Q1

* CEO says not planning to make acquisitions

* CEO says selling stake is “out of the question”

By Christoph Steitz and Anneli Palmen

FRANKFURT, June 14 (Reuters) - SolarWorld SWVG.DE, Germany’s second-largest solar company by market value, will take a muted role in the solar sector’s consolidation phase, its chief executive said. Asked whether SolarWorld was on the lookout for acquisitions, Frank Asbeck said: “No. We can only grow organically.”

Speaking in an interview on Tuesday during the Reuters Climate and Energy summit, Asbeck, who holds 27.80 percent in SolarWorld, also said that he had no intention to give in to M&A approaches to his company. “This is out of the question.”

French energy major Total SA’s (TOTF.PA) $1.37 billion bid for a majority stake in U.S. solar company SunPower SPWRA.O as well as Meyer Burger’s (MBTN.S) 356 million euro ($512 million) bid for Germany’s Roth & Rau R8RG.DE has led to renewed speculation of a wide-ranging sector consolidation.

Asbeck added that second-quarter sales would be up about a third from sales of 233 million euros in the first quarter. The company is due to report second-quarter results on August 11.

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