Suzlon Energy, India's largest producer of wind turbines, has received approval from the German regulator
Suzlon made its initial tender offer for the shares of REpower supported by Martifer in February last year. The deal was structured in such a manner that Suzlon would buy Martifer's stake within two years for a price of ?265-270 million.
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 Rs 6,130-crore (Rs 61.3 billion) Suzlon will buy out Areva's stake in REpower, a year down the line, at a valuation to be decided on by an independent team.
The Rs 6,130 crore (Rs 61.3 bn) Suzlon Energy is all set to storm into the world's top four wind turbine manufacturers with the acquisition of the Hamburg-based REpower.
Wind power major Suzlon Energy on Friday announced the acquisition of German wind turbine manufacturer REpower after the French nuclear energy group decided to withdraw from the bidding contest.
Pips French co for third-largest German wind power company.
Analysts said Areva still has a window under German rules to scale up its offer.
Suzlon Energy, the world's fifth largest wind turbine maker, has increased stake in its German subsidiary REpower Systems to 73.71 per cent by paying euros 65 million (around Rs 447 crore) to Portugal's Martifer SGPS, which owns 22.4 per cent stake in the German wind power manufacturer.
Armed with a counter offer, country's largest wind energy company Suzlon Energy is confident to acquire the German firm REpower but will refrain from getting into a bidding war if that hurts the interest of its shareholders.
The structure of Suzlon's takeover of REpower significantly lessens the financial implications, though the FY08 earnings may still take a hit.
Ahmedabadbased Suzlon Energy has tied up funds for its Euro1.2 billion (Rs 6,543 crore) bid for the German power company, REpower, even before the last date for raising bid by the rival French giant Areva expires on Thursday.
Suzlon's Rs 6,000 crore (Rs 60 billion) bid to acquire Germany's third largest wind turbine maker REpower could well turn into a bidding war
Tanti, who acquired Germany's REpower Systems last year, today announced plans to buy Chinese wind energy company Honiton Energy Holdings. The acquisition will be concluded through Colossus Holdings, a Singapore-based holding company of the Tanti group, and Bahrain-based private equity company Arcapita Bank for over $500 million (Rs 2,162 crore), sources said.
Suzlon Energy, which is facing consumer complaints of faulty blades supplies, has shelved plans of setting up a tower manufacturing facility and suspended the process to increase its stake in REpower of Germany, in the context of the current financial turmoil.
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Massive restrictions on legal immigration - including restricting immigrants who contribute to medicine, science, and research in the United States, and who are working to develop treatments for coronavirus and other deadly diseases - will not only hinder efforts to save lives, but prevent job creation and hurt American economy as the country struggles to recover.
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