China Ming Yang: No plans to buy Vestas
China Ming Yang Wind Power Group Ltd. on Monday denied a report in Caixin Online that it is looking to acquire Denmark's Vestas Wind Systems A/S for between 1.5 billion euros ($1.84 billion) and EUR2 billion.
"International development is one of the core strategies of Ming Yang," a company spokeswoman said in an emailed statement. "The company is open to any opportunities that may fuel company growth and enhance values to shareholders. However, there is no plan to acquire Vestas at this stage."
Caixin Online, the website of the Chinese business magazine, reported Ming Yang is looking to acquire Vestas in a transaction that could be completed in September or October, citing an unnamed person close to a Chinese regulatory body.
Vestas is the world's largest manufacturer of wind turbines, while Ming Yang is China's third-largest manufacturer of the devices after Sinovel Wind Group Co. (601558.SH) and Xinjiang Goldwind Science & Technology Co. (XJNGF).
In April, the Danish daily newspaper Morgenavisen Jyllands-Posten said Goldwind and Sinovel discussed the prospect of a bid for Vestas with several Danish corporate finance bankers, citing unnamed sources close to the process.
By Wayne Ma