Chinese Solar Co. Pays $492M For Suntech Assets

Law360, New York (November 4, 2013, 1:33 PM EST) -- Midsize solar manufacturer Shunfeng Photovoltaic International Ltd. said Friday that it's agreed to buy the assets of the bankrupt main unit of Suntech Power Holdings Co. for 3 billion Chinese yuan ($492 million), one week after Chinese regulators reportedly gave the company the thumbs-up to pursue the deal.

In a statement filed with the Hong Kong stock exchange, Shunfeng said it had reached the deal with the main Chinese subsidiary of Suntech, known as Wuxi Suntech Power Co., which holds assets such as intellectual property and...
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