Vestas gets 1 January deadline for Mitsubishi deal – report

Wind turbine manufacturer Vestas has been given a deadline of 1 January 2013 to conclude a strategic cooperation deal with Japanese conglomerate Mitsubishi Heavy Industries (MHI), according to a report in Denmark.

Newspaper Berlingske says Vestas' nine international banks – led by Nordea, Commerzbank and DNB – are keenly supportive of a proposed deal with Mitsubishi. The link-up could involve the Japanese giant taking a stake of up to 20% in the Danish company and teaming up for the development of its offshore business, based around the new V164 7MW turbine.

Vestas officials consulted by Recharge refused to comment on the report.

Vestas' banks expect a tough 2013, including negative cash flow in the first two quarters, according to the newspaper – and…

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