Suzlon raises REpower bid to 150 Euro per share

By SiliconIndia   |   Wednesday, 11 April 2007, 07:00 Hrs
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Mumbai: Wind power major Suzlon Energy has revised its offer for Germany's REpower Systems to 150 Euro per share, thus taking its valuation of the company up to $1.65 billion. Incidentally, the offer price is 7 percent more than the bid made by Paris-based Areva at 140 euro per share.

Suzlon has teamed up with the Martifer Group, REpower�s second-largest shareholder, for the bidding. The company (Suzlon) announced in a statement that the offer price has been raised by Suzlon Windenergie GmbH, the bidding company, and Martifer. The new price is at a premium of 19 per cent over the 127 euro initially offered by Suzlon Windenergie GmbH.

Areva has not yet responded to Suzlon�s latest move, but reports suggest the French company may raise its offer price over the next few days. The statement added that SE Drive Technik GmbH, a company acting in concert with the bidding company, purchased REpower shares for up to 150 euro per share during the Easter holidays. Suzlon bought 7.7 per cent of the share capital of REpower, which is around 6.27 lakh shares.

Tulsi Tanti, Chairman and Managing Director of Suzlon said: "Our offer price of 150 euro per REpower share is very attractive for all shareholders. The decision to increase the offer was taken after careful analysis and review of potential synergies which Suzlon could contribute to REpower."

Andre Horbach, group CEO of Suzlon, added that REpower will remain a highly strategic asset from the geographical point of view. Moreover, it will offer a good onshore and offshore product mix.

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