North American Windpower: Report: Vestas Takeover Rumors Heating Up

Report: Vestas Takeover Rumors Heating Up

by NAW Staff on Monday 09 July 2012

A Chinese newspaper is reporting that Ming Yang is seeking to take over Vestas at a price of 1.5 billion to 2 billion euros. Caixin.com reports the transaction will be completed by October.

According to consultancy BTM Consult, Vestas was the world's largest wind turbine manufacturer in 2011, with 12.9% market share. Ming Yang, based in China’s Guangdong province, was the 10th largest, with a 2.9% market share.

The unconfirmed reports are the latest Vestas takeover rumors that have circulated throughout 2012. In April, a Danish newspaper reported that Chinese wind power firm Sinovel Wind Group and Goldwind Science & Technology Co. had shown interest in Vestas' assets. In June, Chinese wind tower manufacturer Titan Wind Energy's European subsidiary said it would acquire Vestas' tower manufacturing assets for 15 million euros.

Neither Vestas nor Ming Yang responded to requests for comment.

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