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Vestas shares leap after "for sale" newspaper report
July 2, 2012 / 7:16 AM / 5 years ago

Vestas shares leap after "for sale" newspaper report

COPENHAGEN (Reuters) - Shares in Danish wind turbine manufacturer Vestas (VWS.CO) on Monday jumped over 4 percent after a newspaper report late on Sunday said the company was considering putting itself up for sale and had entered debt restructuring talks with its banks.

Vestas dismissed the report as “speculation”.

The Sunday Times, which cited no sources for its information, said that Vestas’ banks had given it an “ultimatum” and demanded that the company prepare a comprehensive financial restructuring plan.

The newspaper said that the demand from banks, including Royal Bank of Scotland (RBS.L) and HSBC (HSBA.L), was triggered by Vestas bolstering its cash position by drawing down a 300 million euros ($380.72 million) bank facility.

Vestas shares traded up 1.5 percent at 32.90 Danish crowns per share at 0706 GMT after initially rising over 4 percent, against a 0.1 percent rise in the Copenhagen stock exchange's benchmark index .OMXC20

Reporting by Mette Fraende

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