Clipper Windpower has revealed it is in discussions with shareholder UTC about a possible takeover of the struggling turbine manufacturer. The announcement comes alongside Clipper's interim financial statement for the six months preceding June 30 where the company reported a 65% fall in turbine sales compared to the previous period in 2009. Clipper also says its consolidated cash had fallen from $140 million at the end of June to $86 million at the end of August. As a result of Clipper's aim to raise capital, UTC has tabled an indication of interest to acquire the company outright.
Any deal is dependent on due diligence being carried out.