Suzlon Energy completes REpower acquisition

New Delhi, June 2 (UNI) Suzlon Energy Ltd today completed the acquisition of German wind turbine maker REpower.

It will control 87.1 per cent stake in the company along with French company Areva and Portugal's Martifer.

Earlier this week, Suzlon had said it hoped to control 75 per cent of REpower and become the world's fourth largest wind-tubrine maker, after rival Areva did not raise its bid for the German company.

Last week, Suzlon and Areva, which were locked in a battle over REpower, decided to jointly run the German firm, after both separately failed to get a majority stake in it.

Suzlon holds 33.85 per cent in REpower after acquiring 25.46 per cent more during an extended offer period for REpower's shares that ended on May 25, said a statement.

Areva is the second-largest shareholder in REpower with 30.15 per cent, while Martifer, a unit of Portugal's top builder Mota Engil holds 23.08 per cent.

Suzlon had offered 150 euros per REpower share, valuing the German firm at around 1.2 billion euros while Areva, the world's biggest maker of nuclear power plants, did not raise its offer price from 140 euros per share.

While Areva has the option to sell its stake to Suzlon after one year, Martifer can sell its share within two years up for to 265 million euros to Suzlon.

UNI