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Video / 27 September 2013 at 13:42 GMT

Vestas' wind turbine venture 'better deal for Mitsubishi'

Peter Garnry

Danish wind turbine producer Vestas Wind Systems and Japanese Mitsubishi Heavy Industries (MHI) have agreed to form a joint venture, in a bid to gain a bigger position on the offshore wind turbine market.

Vestas said: "The joint venture will be well-positioned to win an expanding share of the offshore wind turbine market and become a global leader in this attractive and high-growth market."

But according to Peter Garnry, this is not a good deal for Vestas. The plan is for MHI to inject EUR 100 million in cash followed by a further EUR 200 million. Equity ownership ratios in the new joint venture will be 50 percent each for MHI and Vestas, with an option for MHI to increase its stake to 51 percent in April 2016.

But Peter says this means “Mitsubishi will gain a "potential majority stake in the future of the wind industry" and he doesn't "understand why Vestas has sold out so cheaply.”

Vestas shares were up 12 percent on the news. But Peter warns the markets are "overreacting" and that it should be trading almost 50 percent lower than what it is now.”

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