Rumours that MeesPierson, the Dutch bank which last year bought 70% of the shares in Vestas, was acting on behalf of an overseas wind industry competitor are not supported by Vestas' director, Johannes Poulsen. "We know where the shares are placed, with MeesPierson, and on the board we have not heard of a sale elsewhere," he says. Poulsen also points out that if MeesPierson had been fronting for another wind company, or had later sold the shares, such action would "entirely contravene the intentions of the transaction." MeesPierson is the fourth largest bank in Europe and part of the ABN-AMRO group which last year was the collateral agent for a debt financing package for Kenetech, one of two publicly traded US wind firms. Vestas, with turbine sales last year of $150 million, is Denmark's largest wind turbine manufacturer. The remaining 30% of the firm's shares are held by institutional investors in Denmark.