Areva overpowered for Repower

09 March 2007

[Repower, 9 February, 6 March] Suzlon Windenergie have offered a friendly takeover of wind turbine manufacturer Repower worth about 20% more than a separate bid from France's nuclear technology champion, Areva. Already Repower's biggest shareholder, owning 29% of the company, Areva offered Eur105 per share in January. On 28 February a counteroffer of Eur126 per share came from Suzlon Windenergie, a joint venture of India's Suzlon Energy and the Portugese steel company Martifer, Repower's second biggest shareholder with a stake of 25%. The Repower board issued approvals for both bids within days of their submission.

---