The Hanwha tender offer for REC Silicon has triggered strong backlash from the company’s minority shareholders. Hanwha Group, which already holds a 33.3 percent stake in REC Silicon, announced plans to buy the remaining shares for 925 million Norwegian kroner.
Hanwha’s offer, set at 2.2 kroner per share, aims to delist REC Silicon from the Oslo Stock Exchange. However, minority shareholders quickly denounced the Hanwha tender offer for REC Silicon as “a scandalously low offer” and “a disgrace.”
A representative for the minority shareholders stated they may pursue legal action. They criticized Hanwha for remaining silent for months regarding the shutdown of the Moses Lake polysilicon plant and changes to board members.
Minority shareholders argue that Hanwha deliberately reduced REC Silicon’s stock price. They claim Hanwha triggered a price drop by announcing the shutdown of the Moses Lake plant and canceling a major polysilicon supply contract.
As a result, REC Silicon’s stock price plummeted from 3.59 kroner to 1.79 kroner on the first trading day of 2025. Minority shareholders believe that even after accounting for $400 million in debt, REC Silicon’s true value is far above the current offer.
Jens Ulltveit Moe, former board leader and majority shareholder, accused Hanwha of waiting until REC Silicon’s stock price fell before launching the tender. He explained that he sold his shares because “something smelled wrong.”
Although Hanwha hopes to gain over 90 percent ownership through this tender, recent market reactions may complicate that plan. On the announcement day, REC Silicon’s stock price rose 22.79 percent to 2.112 kroner, indicating market skepticism.
Several minority shareholders voiced frustration in online forums. Some advised each other to stay united and resist accepting the low offer.
Many investors also complained that REC Silicon ignored hundreds of their emails. They expressed feeling betrayed and shared personal stories of losing their savings.
Yang Ki-won, CEO of Hanwha Corp., defended the Hanwha tender offer for REC Silicon. He said the goal is to rescue the company from financial difficulties and improve governance after delisting.
REC Silicon CEO Kurt Levens added that stronger ties with Hanwha would benefit all stakeholders. He insisted the deal aligns with REC Silicon’s long-term interests.
Since 2022, Hanwha Group has maintained the largest stake in REC Silicon. Hanwha Solutions owns 21.33 percent, while Hanwha Corp. controls 12 percent.
The Hanwha tender offer for REC Silicon remains a deeply controversial move among investors, setting the stage for a heated corporate battle.
