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AFX Europe (Focus): Shell declines comment on Vestas bid talk

LONDON (AFX) – Royal Dutch Shell PLC declined to comment on speculations it is plotting a bid for Vestas Wind Systems AS, the world's biggest manufacturer of wind turbines. “We don't comment on market rumours,” said a Shell spokeswoman. The Anglo-Dutch oil giant, through Shell Renewables, is rumoured to be planning to launch a 200 dkr per share takeover bid for Vestas.
Vestas is the supplier of the turbines needed for Shell's offshore windpark project in the Netherlands. Shell owns a 50 pct stake in the project, while Dutch power company Nuon holds the remaining 50 pct.
Shell has so far invested over 1 bln usd in the development of alternative sources of energy, including biofuels, wind, solar and hydrogen.
The group considers wind as the most promising source of renewable energy. It is currently carrying out various projects in Europe and the US aimed at boosting its share of wind energy capacity from 350 megawatts currently to 500 MW by 2007.
In the UK, it is building a 1.5 bln stg wind farm in partnership with German energy group E.ON AG.
The project, in which Shell owns a 33 pct interest, will involve the construction of up to 270 wind turbines that could generate 1,000 mw of electricity, enough to supply over 750,000 homes in Britain.
Shell is also exploring possible wind energy projects in China. [email protected] mbe/tc COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content,inculding by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited.
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