From Earlier: LDK Solar Announces Investment in Sunways; Will Acquire 33% of the Company

LDK Solar Co (NYSE: LDK) today announced that it, through its wholly owned subsidiary, LDK Solar Germany Holding GmbH, has entered into an investment agreement, dated December 31, 2011, with Sunways AG, a German stock corporation with its shares listed on the Frankfurt Stock Exchange, to acquire approximately 33% of Sunways' increased share capital following a capital increase from its authorized capital.

In the capital increase, LDK Solar will subscribe for a total of 5.79 million new shares of Sunways to be issued against a cash contribution and contributions in kind. The issue amount of the shares to be granted against the cash contribution amounts to a total of euro 2,201,805.50. Simultaneously, LDK Solar has announced its intention to submit to the Sunways shareholders a public takeover offer for all outstanding shares in the company.

Subject to the approval of the offer's publication by the Federal Financial Supervisory Authority, the takeover offer is expected to be published in late January 2012. Under this offer, a cash consideration of euro 1.90 per share is to be offered to the Sunways shareholders. Both the capital increase as well as the completion of the takeover offer must be formally cleared by the Federal Cartel Office (Bundeskartellamt). Following the clearance under the cartel law, the completion of the offer is currently expected to occur in the first quarter of 2012.