Suzlon acquires 8% in REpower

Wind power major, Suzlon Energy has revised its offer price for REpower Systems to 150 Euro per share, with an acquisition of 7.7 per cent stake in the German firm.

The company has purchased 627,000 shares constituting 7.7 per cent of the pre-capital increase share capital of REpower Systems AG, at a price of up to Euro 150 per share, Suzlon Energy informed the Bombay Stock Exchange.

With this acquisition, the company has revised the offer price of the voluntary public tender offer to Euro 150 from Euro 126 for acquiring up to 100 per cent share of REpower Systems AG, it added.

Suzlon Energy said its wholly-owned subsidiary, Germany-based SE Drive Technik GmbH and a company acting in concert with Suzlon Windenergie GmbH, its another step-down wholly owned subsidiary has acquired the said equity shares.

REpower Systems had received takeover bids from French nuclear power company Areva and Suzlon Energy.

Earlier in March, French nuclear reactor maker Areva offered 140 euros per share for REpower, raising its previous offer of 105 euros by a third, to top Suzlon's bid of 126 Euro per share.

Suzlon, the world's fifth-largest wind turbine maker, in February teamed up with Martifer, a unit of Portugal's largest builder, Mota Engil, to launch a bid for REpower. Martifer owns more than 25 per cent of REpower.

In a separate filing, Suzlon said its step-down US subsidiary, Suzlon Wind Energy Corporation, has signed a contract with Tierra Energy of Texas, to provide 42 units of S88-2.1 MW wind turbine generators, scheduled for delivery in 2008.

The shares of Suzlon were trading at Rs 970, down 1.75 per cent, on the BSE.