Hanwha's Anchor AS to acquire REC Silicon ASA for NOK 925M in Oslo

Norwegian silicon producer, REC Silicon ASA announced a recommended voluntary all-cash offer by Anchor AS. Anchor AS was formed by Hanwha Corporation and Hanwha Solutions Corporation. Anchor AS offered NOK 2.20 per share, totaling approximately NOK 925 million (~$89.20 million), valuing REC Silicon. The offer represented a premium of 28% to the closing share price on 24 April. REC Silicon's board recommended acceptance, highlighting the company’s challenging financial position and suitability for private ownership. Hanwha, already a major shareholder, aimed to acquire full ownership, delist REC Silicon from the Oslo Stock Exchange, provide financial support and streamline governance. Completion of the offer required Anchor AS to secure acceptance for over 90% of REC Silicon’s shares. The offer was expected to commence in May 2025, pending regulatory approval. The voluntary cash offer by Anchor AS followed REC Silicon ASA's revenue decline in Q4 2024 after it halted polysilicon production.