Areva raises bid for Repower

16 March 2007

[Areva, 15 March; Financial Times, 16 March] Areva of France raised its offer for German wind turbine manufacturer Repower Systems after winning a hard-fought political battle to be allowed to counter the Eur 1 billion ($1.3 billion) rival cash bid from Suzlon Windenergie, a joint venture between India's Suzlon Energy and Portuguese steel company Martifer. Areva has increased its earlier offer of Eur 105 ($140) per share to Eur 140 ($185) per share for the 70% of Repower which it does not already own. Suzlon countered Areva's bid with an offer of Eur 126 ($167) per share. Areva directors have reportedly been lobbying the French government for several weeks to approve a higher offer, arguing that Repower is crucial to the group's strategy of developing emissions-free technology. However, they have met strong opposition from finance minister Thierry Breton. Suzlon said it has "noted the offer" and is "awaiting complete details," after which it will "respond accordingly." Areva said its offer period would run until 20 April, unless extended.

Further information

Areva
Repower Systems
Suzlon

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