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Vestas Talks With Mitsubishi Heavy on ‘Strategic Cooperation’

Aug. 28 (Bloomberg) -- Vestas Wind Systems A/S, the world’s largest wind-turbine maker, said it’s in talks with Mitsubishi Heavy Industries Ltd. regarding a potential “strategic cooperation.”

“If the dialogue results in an agreement, Vestas will make a company announcement on the issue immediately thereafter,” the Aarhus, Denmark-based company said yesterday in a statement.

There has been speculation Vestas may be an acquisition target, following a Sunday Times report July 1 that said the company was considering putting itself up for sale after starting debt restructuring talks with lenders.

China Ming Yang Wind Power Group Ltd., China’s third-largest wind-turbine maker, denied being in talks to buy Vestas on July 10 following a Caixin report. Vestas said July 31 that it reached an agreement with lenders to draw on credit lines as cash flow deteriorated, easing bond yields.

Vestas rose 3.04 percent in Copenhagen trading Aug. 27 to 33.91 kroner. The company has fallen 45.3 percent this year.

To contact the reporter on this story: Andrew Herndon in San Francisco at aherndon2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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