OSLO (Thomson Financial) - Orkla ASA said it has terminated its options agreement with Q-Cells AG regarding the German firm's 17.9 percent stake in Norway's Renewable Energy Corp AS.
'There is no capital expenditure incumbent upon any of the parties in connection with the termination of the agreements,' Orkla said.
The net value of the rights and obligations at the end of December was estimated at a negative 67 million crowns on Orkla's balance sheet, it said.
Norwegian conglomerate Orkla owns slightly less than 40 percent of REC. If it increases its stake above the 40 percent level, Norwegian law states that the firm would be forced to make a mandatory offer for all remaining shares in the solar panel manufacturer. alastair.reed@thomsonreuters.com ar/sal COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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