Suzlon to pay €150 per share for 8 per cent stake in REpower

Mumbai: Wind power major Suzlon Energy has revised its offer price for REpower Systems of Germany to 150 euros per share, for acquiring 7.7-per cent stake in the company.

Suzlon bought 627,000 shares constituting 7.7 per cent of the pre-issue capital of REpower Systems AG, at a price of up to 150 euro per share, Suzlon Energy said in a filing with the Bombay Stock Exchange (BSE).

The acquisition also revises the company''s price of the voluntary public tender offer to €150 from euro €126 for acquiring up to a 100-per cent stake in REpower Systems AG, it added.

The acquisition was made by Suzlon''s wholly-owned subsidiary in Germany, SE Drive Technik GmbH and a company acting in concert with Suzlon Windenergie GmbH, its another step-down wholly owned subsidiary.

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

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

Suzlon, the world''s fifth-largest wind turbine maker, in February teamed up with Martifer, a unit of Mota Engil, Portugal''s largest builder, 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.

Suzlon shares were trading at Rs970, down 1.75 per cent, on the BSE.