The German Federal Financial Supervisory Authority (BaFin) has approved Suzlon's offer to acquire REpower Systems AG, a Germany-based wind turbine manufacturer. Suzlon offered to purchase all of REpower's shares for 1.02 million euros in mid-February. (See ‘Suzlon Bids For REpower Shares.’)
Following BaFin's approval of Suzlon's financial offer, which will be supported by the Martifer Group (Suzlon's partner in the acquisition and a 25.4% shareholder of REpower), Suzlon published its Offer Document. According to the company, with the publication of the Offer Document, the offer period has officially begun and REpower shareholders can tender their shares into the Suzlon offer. The offer period will end April 20, 2007, the company adds.
Suzlon is competing with AREVA Group SA for the acquision of REpower.