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Senvion gets offers for core assets as it enters 'final stages' of M&A process

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Senvion gets offers for core assets as it enters 'final stages' of M&A process

German wind turbine manufacturer Senvion SA said Aug. 28 that it has not received any offer for its entire turbine unit business, but received several advanced offers for various substantial core parts of its business.

The company said it is entering "final stages of the M&A process" and will present the investor concepts to its creditors' assembly for a vote on Sept. 10, according to the news release. "We are now close to having a solution for significant core parts of the business," said Senvion CEO Yves Rannou. "What is more is that we can keep the business running until the M&A process is concluded."

Layoffs in the turbine business are expected to occur in September.

Senvion began self-administration proceedings for insolvency in April. In July, the company signed a contract with its lenders that will ensure continued support for its business until the end of August.