Suzlon to buy Martifer's REpower stake early

Suzlon Energy Ltd announced today that it has signed an agreement with Martifer for an early acquisition of the Portuguese conglomerate's stake in REpower Systems for 270 million euros ($396 million).

The agreement to buy Martifer's stake of about 22.48 per cent in REpower will be completed by December 15, taking Suzlon's holding in the REpower to around 90 per cent, the firm, the world's fourth-largest wind turbine maker.

Suzlon concludes Repower acquisition bid

Suzlon Energy - the country's largest wind turbine manufacturer - now owns 33.85% of REpower, the German wind turbine maker which it acquired recently, and "controls 87.1% of the votes in REpower through so-called Voting-Pool-Agreements with the two REpower shareholders Martifer and Areva."

A statement from the company said that in the additional acceptance period, which lasted from May 11 to May 25, Suzlon received 25.46% of REpower's capital.

With this acquisition, Suzlon will be able to accelerate its expansion into the European wind energy market, which constitutes approximately half of the global wind energy market, though the challenge would be to bring up the performance of REpower.

Suzlon had a fierce four month long bidding war with rival Areva, which already owned a third of REpower, before it could wrest control of the company.

Said Tulsi R Tanti, chairman and managing director of Suzlon, "We are happy that henceforth all participants – including the management as well as the employees of REpower and also the shareholders – can concentrate together on carrying forward the impressive success story of Repower."

Suzlon acquires wind turbine major REpowerAdd to Clippings

Wind power major Suzlon Energy today announced the acquisition of German wind turbine manufacturer REpower after the French nuclear energy group decided to withdraw from the bidding contest.

"We are delighted with the development. Given our arrangement with Areva we now, directly and through voting pool agreements, already control over 60 per cent of REpowers capital," Suzlon Chairman and Managing Director Tulsi Tanti said.

"In the next one week we will also know how many shareholders have finally tendered into our offer," he added.

"Suzlon Energy and Areva have signed a binding agreement governing a framework regarding both the firms shareholding in REpower. With this the bidding contest between Suzlon and Areva comes to an end," a statement quoting him said.

The bidding process for REpower started when Suzlon announced a competing public offer on February 9.

Read more in The Economic Times article.

Suzlon ups REpower offer to e150/share

Suzlon Energy has upped the ante in the battle for REpower by increasing its offer to e150, or 7.14% higher than French giant Areva’s e140-per-share offer. The Tulsi Tanti company announced on Tuesday that its foreign joint venture with Martifer—Suzlon Wind Energie—raised the takeover offer for REpower Systems after its subsidiary purchased 7.7% in the German firm for that price.

“The decision to increase the offer was taken after careful analysis and review of potential synergies that Suzlon can contribute to REpower, given our fully integrated business and control over component level technology and its integration with turbine technology,” Suzlon CMD Tulsi Tanti said.

A communiqué from Suzlon said SE Drive Technik, a company acting in concert with the bidding company, purchased REpower shares for up to e150 per share over the Easter weekend.

Read more in The Economic Times article.

Suzlon acquires 8 pc in REpower

Wind power major, Suzlon Energy has revised its offer price for REpower Systems to 150 Euro per share, with an acquisition of 7.7 per cent stake in the German firm.

The company has purchased 627,000 shares constituting 7.7 per cent of the pre-capital increase share capital of REpower Systems AG, at a price of up to Euro 150 per share, Suzlon Energy informed the Bombay Stock Exchange.

Suzlon Energy said its wholly-owned subsidiary, Germany-based SE Drive Technik GmbH and a company acting in concert with Suzlon Windenergie GmbH, its another step-down wholly owned subsidiary has acquired the said equity shares.

Earlier in March, French nuclear reactor maker Areva offered 140 euros per share for REpower, raising its previous offer of 105 euros by a third, to top Suzlon's bid of 126 Euro per share.

Read more in The Economic Times artticle.

Suzlon may raise bid for REpower

Suzlon Energy, the fifth-largest wind energy firm in the world with a market share of 6%, is likely to revise its offer to buy out German wind-turbine builder REpower, following the counter offer of e140 per share made by French rival Areva on Thursday.

According to sources, the company is in talks with a consortium of banks led by ABN Amro and may come out with a revised offer of close to e160 per share, which will raise the value of REpower to $1.7 billion. Areva’s revised offer has raised the value of REpower to $1.5 billion. The new offer is at a premium of 33% to its initial offer price of e105 per share.
Suzlon Energy CMD Tulsi Tanti said, “We will respond to Areva’s counter offer after getting complete information.”

Read more in The Economic Times article