Suzlon picks up Areva’s stake in REpower

June 6th, 2008 - 1:41 pm ICT by IANS  

Mumbai, June 6 (IANS) Leading wind power equipment manufacturer Suzlon Energy has acquired France-based Areva’s 30 percent stake in German wind turbine maker REpower Systems. This acquisition will consolidate the company’s total holding in REpower to about 66 percent.

With this acquisition and through voting pooling agreement with Martifer of Portugal - another major shareholder of REpower - Suzlon enjoys voting rights of about 89 percent in REpower, subject to certain minority protection and other rights, the company said in a statement here Friday.

An agreement signed on May 24, 2007 between Suzlon and Areva gave the French energy major the option of selling its shares in REpower to the Indian company at a guaranteed price.

Company officials refused to divulge what the transaction was worth.

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