Germany

Germany

Suzlon continues with Repower 'squeeze out'

GERMANY: The buyout of Repower by Suzlon is closer to completion following the passing of a 'squeeze out' resolution by the German company's shareholders.

Repower acquisition continues - Suzlon chairman Tulsi Tanti
Repower acquisition continues - Suzlon chairman Tulsi Tanti

The buyout will take Suzlon’s global market share to 8%, making it the world’s fifth-biggest supplier after Vestas, Sinovel, GE and Goldwind, according to recent figures from Make Consulting.

In April, Suzlon raised its stake in Repower to over 95% and is set to acquire the remaining shares in the company.

In 2009, Suzlon increased its stake in Repower to 92%. Under German financial regulations, the majority shareholder is allowed to ‘forcibly’ acquire the remaining shares in a company if it holds more than 95%.

The compensation value for the remaining shareholders was set at €142.77 a share.

Speaking about the latest stage of the takeover, Suzlon chairman Tulsi Tanti said: "This is an important milestone in the squeeze-out proceedings and we welcome the passing of the resolution. However, due legal process continues and it will be inappropriate to comment further."

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