Britain's only listed wind turbine manufacturer today revealed it could be taken over by the end of the year.
Shares in Clipper Windpower, a US company that is listed on AIM and is building a turbine at Blyth on the Northumbrian coast, rose 141⁄2p to 172p. Having more than doubled in value this year, Clipper now has a market worth of £225 million despite losses running in to hundreds of millions of pounds.
In a statement to the Stock Exchange, it said: “The company is in advanced negotiations with a number of multinational industrial companies and financial investors to provide capital to strengthen its balance sheet and to position the company for renewed growth as industry conditions improve.
“The company began a comprehensive capital-raising process during 2009 and has also been approached by a number of strategic investors. We are presently in active negotiations with a number of industrial multinational and financial investors intended to result in a significant investment into the company.
“Based on transaction size and structure, the new capital provider could range from owning a substantial minority position to acquiring the entire company.
“The process has accelerated in recent months as capital markets improved and could potentially lead to a transaction before year-end.”
Clipper has already made fortune for investors including original backer and former chairman Colin Moynihan, the former Tory minister.
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