SEOUL, Korea ¶ Nov 04, 2011 (Whowired) -- Behind LG Electronics' reported massive right offer worth around 1 trillion Won ($947 million), there seemed to be its bold move to take over Suntech Power Holdings, world's top manufacturer of solar module of China. According to Money Today, Korean economic and business news daily, there had been a significant level of negotiations between LG and Suntech over the former's bid to acquire the solar energy giant.

The newspaper said that amid the ongoing economic downturn and solar industry's bad years, LG seemed to have decided to put its plan to acquire Suntech on the back burner but it is highly likely that LG's recapitalization has something to do with the M&A plan. According to market experts, LG's investment on the solar energy business will carry on; in fact, it built its first solar-energy manufacturing line capable of 120MW in the late 2009 and is working on the development of Heterojunction Back Contact, based on high-tech solar cell technologies.

Alastair Kim (press@whowired.com)