Suzlon goes for additional 22 percent Martifer's stake in Repower
Suzlon Energy Limited has signed an agreement with Martifer SGPS SA of Portugal for acquisition of Martifer's total stake of approximately 22.48 percent in REpower Systems AG of Germany for total consideration of EUR 270 million.
The wind turbine maker stated that the agreement is slated to be completed by 15th December this year and will consolidate Suzlon's total holding in REpower to approximately 90 percent.
Suzlon acquired around 30 percent in REpower in June this year from major shareholder Areva of France, taking Suzlon's total holding in REpower to approximately 66 percent, prior to the acquisition of Martfier's holding in the company.
Suzlon made its initial tender offer for shares of REpower supported by Martifer in February, 2007. Suzlon concluded its offer with an agreement with Areva to acquire the company's stake in REpower in phased manner.
Suzlon, a vertically integrated wind turbine manufacturer, currently has a combined manufacturing base of 2,700 MW of annual capacity, and is undertaking an aggressive expansion programme to expand its base to 5,700 MW of capacity in FY2008-09.