Germany

Germany

Senvion enters 'final stages' of takeover

Embattled German manufacturer Senvion received several "advanced offers" for various core parts of its business, and confirmed redundancies are on the horizon.

Senvion has been struggling to remain afloat after “operational mistakes” caused a severe cash flow crisis
Senvion has been struggling to remain afloat after “operational mistakes” caused a severe cash flow crisis

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Senvion said it was entering the final stages of the merger and acquisition (M&A) process and will present investor concepts to a creditors’ assembly for a vote on 10 September.

No offers have been made for Senvion’s entire turbine business unit, it added.

Senvion has been struggling to remain afloat after "operational mistakes" caused a severe cash flow crisis earlier this year.

The manufacturer’s creditor and lenders extended its insolvency loan at the end of July, giving the company more time to negotiate potential takeover deals.

It also gave full autonomy to its Indian business unit in August.

The company said an "improved financial situation" allowed for business activities to continue during the M&A process, however, the first redundancies are expected to take place in September and taking effect by the end of the year.

"We are now close to having a solution for significant core parts of the business. What is more is that we can keep the business running until the M&A process is concluded," said Senvion CEO Yves Rannou.

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