Business Daily from THE HINDU group of publications
Saturday, Mar 03, 2007
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Business Daily from THE HINDU group of publications Saturday, Mar 03, 2007 ePaper |
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Corporate
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Overseas Investments Industry & Economy - Non-conventional Energy
Our Bureau
The offer starts on Friday and ends on April 20. Suzlon had launched a counter bid earlier this month in joint venture with Portugal-based Martifer, topping French company Areva's bid for REpower. Martifer and Areva hold 25 per cent stake and 29 per cent stake, respectively, in REpower, with the public holding around 45 per cent. The Suzlon-Martifer counter-bid is through a 75:25 joint venture, Suzlon Wind Energie GmBH, with Suzlon holding the 75 per cent stake. No minimum acceptance threshold exists in the offer.
`Confident'
"We are confident of winning the offer and that shareholders of REpower will approve the plan eventually," said Mr Tulsi Tanti, Chairman of Suzlon Energy, in a conference call with reporters. His company had no plans to raise its bid for REpower. And there have been no talks with Areva either, he said. Mr Tanti said that the bid money would be raised from debt and internal accruals. The debt levels would depend on the acceptance level of the tender offer, said Mr Tanti. Suzlon, with Repower, will first concentrate on the growth markets such as China and the US, and then address the mature markets, such as many countries in Europe.
More Stories on : Overseas Investments | Non-conventional Energy | Suzlon Energy Ltd
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