Suzlon bid for REpower approved.
Economic Times (New Delhi, India), March, 2007
Mar. 4--PUNE, India -- Suzlon Energy, the world's fifth-largest wind turbine maker, has received the approval from BaFin, the financial markets regulator in Germany, for its $1.35 billion offer to buy out Portugal-based REpower Systems. Suzlon's all-cash offer for REpower valued the German firm at 1.02 billion euro, or 126 euros per share, which was about 20 percent higher than the offer by France's state-owned nuclear group Areva made on February 5.
Last month, Suzlon had teamed up with Martifer unit of Mota Engil, Portugal's largest builder, to launch a bid for the German wind power manufacturer, outbidding France's Areva. For the acquisition of REpower, both the companies had floated a company Suzlon Wind Energie GmbH in which Suzlon has 75 percent stake and...
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