Takeover target REpower raises sales goal

Takeover target REpower raises sales goal
Comment E-mail Print Share
First Published: Wed, Mar 21 2007. 07 40 PM IST
Updated: Wed, Mar 21 2007. 07 40 PM IST
By Thom Rose/Bloomberg
Frankfurt: REpower Systems AG, the German maker of wind turbines that received takeover offers from Areva SA and Suzlon Energy Ltd, raised its target for sales next year by 6%.
REpower expects revenue of at least 900 million euros ($1.2 billion, Rs5,300 crore) in 2008, up from a previous target of 850 million euros, the Hamburg-based company said in a statement distributed by OTS newswire on 21 March. The company forecast sales this year of 650 million euros, up from 458.8 million euros in 2006.
Both Suzlon and Areva are “appropriate strategic partners” for REpower, chief executive officer Fritz Vahrenholt said in a conference call with reporters and analysts on 21 March. REpower management has endorsed Areva’s most recent bid as the offer price is higher, he said.
Areva, the world’s biggest maker of nuclear power stations, offered 140 euros a share on March 15 for the remainder of REpower. Suzlon Energy Ltd, based in Ahmedabad, topped the French company’s initial 105 euro-per share offer with a bid of 126 euros a share last month.
Comment E-mail Print Share
First Published: Wed, Mar 21 2007. 07 40 PM IST
More Topics: Corporate News | World Business |