Suzlon controls 87% votes in REpower

Suzlon controls 87% votes in REpower
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First Published: Sun, Jun 03 2007. 03 53 PM IST
Updated: Sun, Jun 03 2007. 03 53 PM IST
PTI
Mumbai: Wind energy major Suzlon, which gained control of German wind turbine firm REpower last month through a share pooling pact with Areva, said on 3 June 2007 that it has acquired 87.1% control of the company.
Suzlon had on 25 May announced it had reached a binding agreement with French nuclear energy major Areva under which their shareholdings were combined giving control of over 60% of REpower’s capital.
Since then, REpower shareholders have been tendering shares in favour of Suzlon’s offer of Euro150 a share that valued the company at $1.8 billion.
At the close of the offer, Pune-based Suzlon Energy’s holding rose 25.46% to 33.85%, which when combined with the holdings of Areva and Martifer gives it 87.1% control.
Suzlon’s chairman and managing director, Tulsi R Tanti, said: “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.”
REpower’s CEO, Fritz Vahrenhoit, said “Together with Suzlon, we are a global player in the wind energy market. On a combined basis, we will be able to realise significant synergies.”
With the acquisition of REpower, Suzlon will accelerate its expansion into the European wind energy market, which constitutes around half of the global wind energy market, the company said.
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First Published: Sun, Jun 03 2007. 03 53 PM IST
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