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Denmark

Denmark

Merger plans hit by delay

Vestas has extended the deadline on its offer to buy the shares held in NEG Micon from January 21 until February 19. The reason Vestas gives for the delay is that it is still waiting for approval of the deal from fair competition authorities in specific countries where the new company would become the dominant turbine supplier.

An additional fact is that two days before the first deadline only just over 50% of shareholders in NEG Micon had accepted Vestas' offer. The fusion requires acceptance from 66% of them.

Vestas says it is confident its plans do not breach anti-trust laws anywhere, while NEG Micon's Torben Bjerre-Madsen says it is normal that major shareholders do not signal their acceptance of a purchase offer until the last moment.

Meantime, Vestas announced contracts last month for turnkey installation of 165 MW of wind plant in Italy, to be installed this year in seven projects in Sicily and Sardinia. The turbines are being bought from Italian Wind Technology, 100% owned by the Vestas group, by IVPC Sardegna and its subsidiaries, part of the IVPC group. The group already operates 500 MW of Vestas turbines in Italy.

"The Italian market has been difficult in 2003 due the political uncertainty of the long term market for green energy," says Vestas' Svend Sigaard. "Recent political statements point towards a resolution that will bring Italy back as a strong market."

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