China's Ming Yang has 'no plans' to buy Vestas, says chairman

Chinese turbine maker Ming Yang has denied it is planning to acquire Vestas after a report by Chinese business newspaper Caixin alleged it was preparing a bid for the world’s largest wind company.

Ming Yang has “not taken this step” and has “no such plans”, chairman Zhang Chuanwei tells Recharge.

The report cited unnamed sources as saying the Chinese company was currently seeking to buy Vestas for 1.5-2bn euros ($1.8-2.5bn). If successful, the transaction would be completed in September or October, it added.

An official from the regulator also confirmed Ming Yang’s acquisition plan, Caixin said.

But Zhang says: “We don’t know where this information came from.”

The news is the second report to cite Chinese interest in buying Vestas, which is currently undergoing a major restructuring following Log in to read complete article.

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