Hanwha ousted from REC Silicon's board

Hanwha Group, the largest shareholder of REC Silicon with a 33.3 percent stake, was defeated by the Norwegian firm's minority shareholders in their latest proxy fight, losing control of the silicon materials maker's board to Water Street Capital, a U.S. hedge fund allied with retail investors. The outcome could derail Hanwha's 925 million Norwegian krone ($91 million) tender offer, which was aimed to fully acquire REC Silicon and delist the company from the Oslo Stock Exchange. At REC Silicon's annual general meeting in Norway on Wednesday (local time), Water Street won approval for its proposal to appoint five new board members, ousting those appointed by Hanwha, which is not only REC Silicon's largest shareholder but also its largest creditor and primary customer. The U.S. firm also secured approval for an investigation into the termination of REC Silicon's supply agreement with Hanwha Q Cells in January. The termination followed the abrupt shutdown of REC Silicon's Moses Lake plant in the U.S. late last year, which led the company's stock price to plunge 50 percent on the first tradiWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times