Mitsubishi Heavy Says It is Not in Talks to Buy Share in Wind Turbine Maker Siemens Gamesa

Aaron Sheldrick, Christoph Steitz and Muyu Xu

December 8, 2020

Image credit: Siemens Gamesa

Image credit: Siemens Gamesa

Mitsubishi Heavy Industries (MHI) is not in discussions to gauge Siemens Energy’s interest to sell all or parts of wind turbine maker Siemens Gamesa, the group said on Tuesday.

Spanish newspaper Expansion a day earlier had cited financial sources as saying that Mitsubishi and Shanghai Electric approached Siemens to assess its willingness to sell, adding talks were at a very early stage.

“MHI is not in any negotiations of the type reported in the media. Our wind power strategy has already been shared as per our announcements,” the company said.

MHI pointed to its intensified cooperation with Vestas , Siemens Gamesa’s largest rival, after recently selling its 50% stake in offshore wind joint venture MHI Vestas to the Danish group in exchange for a 2.5% equity stake and a board seat.

Siemens Energy, which was spun off from former parent Siemens and holds 67% of Siemens Gamesa, declined to comment. Shanghai Electric did not respond to repeated requests for comment.

Siemens Energy last month reiterated it had no plans currently to change its 67% holding in Siemens Gamesa, which has a market valuation of 19.98 billion euros ($24.22 billion). 

($1 = 0.8248 euros)

 (Reporting by Aaron Sheldrick, Christoph Steitz and Muyu Xu; Editing by Bernadette Baum)

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