Two Chinese wind turbine makers are looking into launching takeover bids for world number one Vestas Wind Systems, according to Danish daily Jyllands-Posten.
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 after a plunge in Vestas’ shares, Jyllands-Posten said, citing unidentified Danish corporate financiers.
Shares in Vestas have plunged 56 percent since October 28, the last trading day before the first of two profit warnings.
The warnings have piled pressure on Chief Executive Ditlev Engel to tackle rising costs and ensure there are no more disappointments.
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 on the Copenhagen stock exchange compared with a record high near 700 crowns per share in 2008.
The two Chinese companies could be hampered, however, by Vestas’ large and diverse shareholder base, as this could make it difficult for them to win support for a deal from over 90 percent of investors, Jyllands-Posten said.
