Vestas: No M&A with new capital

Anders Runevad and his finance chief Marika Fredriksson  

Anders Runevad and his finance chief Marika Fredriksson  

The proceeds of the share issue announced by Danish wind giant Vestas will not be used to fund mergers and acquisition (M&A) activity, or be sunk into the new offshore joint venture with Mitsubishi Heavy Industries, the company insisted today.

CEO Anders Runevad said the planned issue – which could raise about €450m ($608m) – would be used in line with the company’s organic growth strategy.

"Our strategy is based on organic growth. We're clear on that, we have not included any M&A, that is not the reason. There is no change to our JV with MHI," Runevad said, responding to a question by Recharge Insight director Robert Clover at the Vestas analyst meeting in Copenhagen earlier.

Clover, who is heading Recharge's new analysis service, also quizzed Runevad on the company’s Log in to read complete article.

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