Coal, Gas, Wind

Germany OKs Suzlon offer for Repower

5 March 2007 – Wind turbine maker Suzlon Energy has said that German financial watchdog BaFin has approved its $1.3 bn offer to buy REpower Systems.

Suzlon, the world’s fifth-largest wind turbine maker, last month teamed up with Portugal’s largest builder, Mota Engil, to launch a bid for the German wind power manufacturer, outbidding France’s Areva.

Suzlon’s tender offer for REpower valued the German firm at €1.02 bn, or €126 per share, which was about 20 per cent higher than the offer by France’s Areva last month. Areva holds 29.4 percent of REpower.

The purchase will be partly financed by raising long-term and short-term debt arranged by a consortium of banks led by ABN AMRO, Suzlon said at the time of bidding. REpower shareholders can tender their shares from Friday, Suzlon said.