Banks targeting Vestas?

Vestas Wind Systems (OMX: VWS) quickly turned on a dime after several days of rapid advances, going from nearly +4% to -5% in a hurry. It was pressured by market rumours that its lenders have made an ultimatum for the company to restructure its balance sheet . The Sunday Times made the claim without naming any sources, saying that the banks including Royal Bank of Scotland and HSBC are asking a comprehensive financial restructuring plan. Vestas spokesman said that as per company policy, it does not comment on speculation. The rumours also included claims that Vestas is going to put itself on the market for a sale or to seek a share issue.

Vestas has a large revolving credit facility it had not used at least until the end of last year. The wind turbine maker has nearly 170 000 investors, many of whom are Nordic retail owners burned by the seemingly unstoppable slide of the stock that is also swinging wildly amidst such news. Newspaper borsen.dk wrote that a group of investors have started an association called Vestas Shareholders that aims to give small investors a bigger say on the decision process and some muscle in the event of a hostile takeover attempt.