April 17 (Bloomberg) -- Vestas Wind Systems A/S, the world’s largest turbine maker, slumped the most in more than a month in Copenhagen trading as investors deemed speculation that the company is close to being bought to be overdone.
The shares dropped 5.6 percent to 52.45 kroner, the most since March 6, making it the worst performer on the Copenhagen benchmark index today. Vestas shares have plunged 15 percent this year versus a 17 percent increase in the main OMXC20 index.
“Clearly, there is no more news out there to support hopes for a Vestas bid following yesterday’s report,” said Jacob Pedersen, an analyst at Aabenraa, Denmark-based Sydbank A/S. “Investment bankers are also signaling that yesterday’s story may have been nothing more than someone trying to talk up the stock and that a takeover would be a complicated undertaking.”
Vestas soared 13 percent yesterday after Danish newspaper Jyllands-Posten reported that Chinese turbine makers Sinovel Wind Group Co. and Xinjiang Goldwind Science & Technology Co. were considering a bid for the Aarhus, Denmark-based company after its share price collapsed.
“A buyout is not right around the corner,” Lars Moegeltoft and Jesper Bamberger, equity advisers at Nordea Private Banking in Copenhagen, wrote in a note to clients. “The stock will fall when merger rumors subside and focus returns to market conditions.”
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