India's Suzlon set to acquire REpower after Areva drops out

0 Comments | AFP, May, 2007

BANGALORE, India (AFP) — Indian windpower generator Suzlon Energy said Friday it was set to acquire Germany's REpower after reaching an agreement to end a bidding war with French nuclear energy company Areva.

"We are delighted with the development," Suzlon's chairman and managing director, Tulsi Tanti, said in a statement on the company's website.

The binding agreement reached with the French nuclear energy company gives Suzlon 60 percent of REpower's capital directly and through voting pool arrangements, Tanti said.

"Over the next one week (we) will also know how many shareholders have finally tendered into our offer," he said.

Both Suzlon and Areva each hold over 30 percent in REpower and their rival takeover offers for the German company expired...