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Acciona Launches Nordex Takeover Bid

Power News - Published on Fri, 11 Oct 2019

Image Source: windpowermonthly.com
Spanish infrastructure group Acciona has offered to take over wind turbine supplier Nordex, moving to bolster the company's finances amid market turbulence in the wake of rival German supplier Senvion's insolvency. Acciona merged its own turbine manufacturing business Acciona Windpower with Nordex in 2016 amid a wave of industry consolidation. That deal left Acciona, a major global investor in renewables projects through its energy division, with a 29.9%stake in Nordex, whose shares trade publicly in Germany.

Nordex was the eighth largest wind turbine supplier globally in 2018, and the number-four player outside China, shipping about 2.5 gigawatts. It lags well behind the big three suppliers outside China: Vestas, Siemens Gamesa and GE.

On Monday, Acciona said Nordex’s board of directors had asked it to participate in a EUR 99 million capital increase an offer it has accepted. In doing so, Acciona’s stake in loss-making Nordex will climb to more than 36%, above the 30% ceiling that automatically triggers a takeover offer under German law.

Source :

Posted By : Rabi Wangkhem on Fri, 11 Oct 2019
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