LG Electronics Inc., South Korea's second-largest electronics maker, agreed to set up a joint venture with Germany's Conergy AG to make solar cells.
LG will acquire a 75 percent stake in Conergy's plant in Frankfurt an der Oder as part of the agreement, with Conergy retaining the remainder, the Seoul-based company said in a statement today, without providing financial details.
LG and Conergy, Germany's second-largest solar company, expect the partnership to start by the end of the year and a final deal may be reached after two to three months of due diligence, LG said in the statement.
The South Korean company earlier today said it may acquire an overseas solar cell maker to expand into the solar energy business and was considering options including an acquisition or investment in a solar-cell maker.
