Conergy confirms the signing of a memorandum of understanding with the Korean company LG Electronics for a future strategic Joint Venture for the production of solar modules. Thus LG would acquire a 75 percent stake in Conergy’s solar module plant in Frankfurt (Oder), while Conergy would retain 25 percent.
The announcement was misinterpreted by several German media, who took the memorandum of understanding as a "kick-off" or implementation. We have made aware of the fact that this memorandum of understanding is a nonbinding agreement. The closing of the contract depends on several conditions and a stipulation. |