Indian windpower generator Suzlon Energy said Friday it was set to acquire Germany's REpower after reaching an agreement to end a bidding war with French nuclear energy company Areva.
“We are delighted with the development,” Suzlon's chairman and managing director, Tulsi Tanti, said in a statement on the company's website.
The binding agreement reached with the French nuclear energy company gives Suzlon 60 percent of REpower's capital directly and through voting pool arrangements, Tanti said.
“Over the next one week (we) will also know how many shareholders have finally tendered into our offer,” he said.
Both Suzlon and Areva each hold over 30 percent in REpower and their rival takeover offers for the German company expired on Thursday.
Suzlon, which is based in Pune, western India, offered 150 euros (204 dollars) per share, valuing REpower at around 1.2 billion euros.
Areva offered 140 euros per share.
Last month, REpower said it supported the bid by Suzlon, even if it also regarded Areva as an “appropriate strategic partner.”
Source : France24