Wind energy company praises Areva in India-France takeover struggle

Business News

Feb 19, 2007, 17:31 GMT

Hamburg - German wind energy machinery maker, REpower, currently the target of a takeover struggle between India and France, on Monday praised French nuclear power company Areva for its low bid. But, in a carefully-worded statement, the supervisory board of REpower, did not reject a bid by Suzlon Wind Energy of India. The 11-page statement contained no recommendation to shareholders about which bid to accept for their stock, but described the 105- euro-per-share bid by Areva as fair. It also said a takeover by the French company would ensure continuity and reliability and would not disadvantage the workforce. Suzlon this month beat 126 euros per share, valuing REPower at about 1 billion euros (1.3 billion dollars). REpower's board said that although Suzlon's bid was financially more attractive to shareholders, it would not comment on the bid until it had seen the details of the Suzlon offer. © 2007 dpa - Deutsche Presse-Agentur

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Wind energy company praises Areva in India-France takeover struggle

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