German solar company Conergy (CGYG.DE) announced today it will take legal action against U.S. solar wafer company MEMC Electronic Materials (NYSE: WFR), concerning a 10-year wafer supply contract, according ro a Reuters report.
"The basis for this legal action is a number of invalid and, in particular, anti-competitive contractual provisions, which Conergy believes render invalid the entire contract," the company said in a statement.
The companies reportedly failed to renegotiate the contract, which analysts have said is unfavorable to Conergy.
Read the Reuters report at the link below.
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