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Chinese firms consider bids for Vestas

(Global Times)

08:13, April 17, 2012

Two Chinese wind turbine makers are looking into launching takeover bids for world No.1 Vestas Wind Systems, according to Danish daily Jyllands-Posten yesterday.

China's second-biggest wind turbine maker Xinjiang Goldwind Science & Technology Co and Sinovel Wind Group have discussed the possibility with a number of corporate bankers, Jyllands-Posten said, citing unidentified Danish corporate financiers.

Vestas shares, which have plunged by over 50 percent since October in the wake of two profit warnings, were up 14.8 percent yesterday at 56.20 Danish crowns at 0835 GMT, outperforming a 0.7 percent rise in Copenhagen's benchmark share index and valuing the firm at about 11.5 billion crowns ($2 billion).

In January, Vestas announced a major management reshuffle as well as plans to cut 2,335 jobs in a bid to restore profitability after higher costs wiped out 2010 earnings.

Vestas declined to comment on the report. Xinjiang Goldwind and Sinovel Wind could not immediately be reached for comment.

On Friday, Vestas shares closed at 48.95 Danish crowns.

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