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Financials

Nordex launches capital increase via Acciona, expects takeover offer

FRANKFURT, Oct 8 (Reuters) - German wind turbine maker Nordex on Tuesday said it had launched a 10% cash capital increase through a private placement to its anchor shareholder Acciona, raising 99 million euros ($9.88 million) in new equity.

“This capital increase is part of the company’s growth path for 2020 and beyond and further strengthening its capital structure,” it said in a statement, citing demand for the Delta 4000 series of wind turbines and an order backlog amounting to more than 7 billion euros at the end of first half 2019.

Nordex said the capital increase would result in Acciona’s shareholding in Nordex rising above 30% of Nordex’s share capital, requiring Acciona to make a takeover offer under German law. Nordex said its management and supervisory boards would review an offer document when published and then comment.

Shares in Nordex were up 6.9% in early Frankfurt trade.

$1 = 0.9108 euros Reporting by Vera Eckert Editing by Michelle Martin

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