Areva waives minimum acceptance for REpower offer

Paris: French nuclear engineering group Areva said on 17 April it had waived the minimum acceptance level in its bid for German wind turbine maker REpower, which is also the subject of a rival offer.

Areva said it had dropped its goal of acquiring 50% plus one share in the German wind turbine maker, adding it would also extend the acceptance period for its REpower offer to 4 May. As a result, rival suitor Suzlon Energy Ltd said it would also extend its acceptance period by two weeks to 4 May.

Earlier this month, Suzlon raised its offer for REpower to 150 euros per share, valuing REpower at around 1.2 billion euros ($1.63 billion). Areva said it was sticking to its offer of 140 euros per share for REpower.

“We maintain our interest in wind energy and we maintain our interest in REpower," said an Areva spokesman.

Suzlon has teamed up with Martifer, a unit of Portugal’s largest builder, Mota Engil for its bid. Martifer owns about 25% of REpower, while Areva holds around 30%. Suzlon holds about 7.7% in REpower though a subsidiary.

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