Are people starting to lose their heads over wind power? The Franco-Belgian Suez group is planning to acquire a 50 per cent stake in Compagnie du Vent, reportedly valuing the French wind generator at 65 times its 2007 revenues. The company has annual sales of €11.3m ($16.5m) and employs only 65 people. But Suez seems to think it is worth about €750m

It may well be a very promising company. After all, some 30 other groups had expressed interest. Suez in the end seems to have outbid Germany’s RWE, the other front runner, for the 50 per cent stake put up for sale by Acciona, the Spanish construction conglomerate, which invested in the French wind power venture when it was formed in 1989. But one has to ask whether Compagnie du Vent is really worth that much. The Spanish do not appear to think so. Otherwise, Acciona would not be selling its stake. Indeed, Suez might like to reflect on what seems to be a developing Spanish talent for flipping assets at a profit. Santander, the Spanish bank, made a quick €3bn gain last week by selling to Monte dei Paschi di Siena the Italian Antonveneta bank it had only just acquired through its participation in the ABN Amro takeover.