February 21, 2007

Suzlon odds-on favourites for REpower

PUNE, FEB 20 :  Suzlon Energy Ltd has submitted documents to Germany’s securities regulator BaFin for a proposed takeover of REpower Systems AG. It is only after the regulator assesses the offer that REpower will be able to take it up. Suzlon has offered 126 euros a share in cash. Another company in the fray is France-based nuclear power giant Areva which has offered 105 euros a share.
The REpower board met in Hamburg on February 19 to take note of both the Areva and Suzlon offers. The board did not recommend any course of action for either accepting or rejecting the two offers.
The board will wait for the Suzlon offer document and then take it up. REpower, meanwhile, welcomed the Areva offer, perceiving the French firm as a suitable partner because with Areva, accelerated growth was possible, the company said.