Shanghai Electric cancels acquisition agreement with GCL-Poly

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GCL-Poly Energy Holdings has agreed with Shanghai Electric Group to terminate an acquisition agreement announced in early June, 2018 with Shanghai Electric Group to sell a 51% stake in polysilicon production subsidiary Jiangsu Zhongneng Polysilicon.

After multiple rounds of discussions and negotiations the size and complexity of the transaction meant it was difficult to reach a full agreement on the relevant acquisition terms and plans within a reasonable timeframe. 

Both companies have agreed that the timing and conditions for proceeding with the deal were not mature enough.

The initial had been driven by the recent Chinese government’s decision to reduce support for new solar capacity.

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