LDK’s Sumitomo Deal Terminated, Apple & Amazon Settle With EU: Tech Business Update
LDK Solar Co. (NYSE:LDK) reports that it will receive $33.4 million to terminate a solar wafer supply arrangement with Japan’s Sumitomo. Much like the terminations of its competitor, MEMC Electronic Materials (NYSE:WFR), LDK’s agreement with Sumitomo unraveled due to large price declines seen for solar wafers, which rendered the terms of the initial deal uneconomical.
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The European Commission will accept an e-book settlement bid from Apple (NASDAQ:AAPL) and four book publishers, according to Reuters. Similar to a resolution in the United States that was recently approved, the new agreement will permit Amazon.com (NASDAQ:AMZN) and other e-book sellers to set their own prices, which in Amazon’s case, typically translates to selling e-books at a loss. Apple is still disputing with the Justice Department, but Pearson (NYSE:PSO), which was also a part of the EU’s investigation, isn’t part of the present settlement accomodation.
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