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Canadian Solar denies takeover talk with CNOOC

Apr. 17, 2012 (China Knowledge) - Canadian Solar Inc<CSIQ>, the first Chinese photovoltaic firm that listed on the Nasdaq Stock Market, has denied that it is in the negotiation with CNOOC Ltd<0883>, the largest offshore oil company in China, to sell partial or entire equities to the oil giant.

The reports of acquisition talks are inaccurate, said Canadian Solar's U.S. General Manager Alan King.

CNOOC has yet commented on the reports.

Share price of Canadian Solar has dropped about 70% from the high point last June, and its market value is around US$143 million.

Analysts said Chinese photovoltaic companies have been battered by declining solar panel prices and lower profits amid a global oversupply.

Canadian Solar, which suffered US$59.9 million in net loss in the fourth quarter of 2011, is expected to earn US$5.9 million and US$7.1 million in net profit in the first and second quarter of this year, respectively. The firm's shipments would reach between 1.8 gigawatts and 2 GW in 2012, sources reported.

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