Is LDK Solar A Takeover Target by Siemens?

At least it might look that way if these rumors are true.

LDK Solar (LDK) is up 4.5% to $34.92 on speculation Siemens (SI) is preparing a bid for the company.

Siemens makes grid-compatible inverters under the SINVERT brand name so they are active in the solar space. These inverters change the DC power that a solar cell generates into the AC power that can be added to the power grid.

The only problem I have is that LDK makes solar wafers and not the finished products. From looking at Siemens portfolio of products (and there are a ton of them) I see that they are mostly finished machines like switches and motors and such. LDK, however, makes the ingots and wafers that solar cells are built out of. It would kind of be like GE buying a steel company in order to make turbines cheaper. It just doesn't make a whole lot of sense.

It would seem to me that Siemens should instead invest in a company more down the chain. For instance First Solar or SunPower actually make the solar panels themselves and not just the wafers. If Siemens bought one of these companies then they could build the solar cell and provide the inverter system all in one package.

They could create a so-called SINVERT All-In-One Solar Array System (SINVERTAIOSAS which sounds like a skin condition) built entirely by Siemens. I can see a European country sit down with Siemens and say "here's $10 billion we need some solar plants." Then Siemens could build the cells, plan the grid, and even build the power plant without having to go out of the company.

The better takeover target would probably be SunPower since that company's market cap is only $6.81 billion while First Solar is a whopping $21 billion. Siemens has $14.92 billion in cash so they could scoop SunPower pretty easily and move right into the space. IMO a SunPower acquisition would be a much better buy then a wafer maker like LDK.