Monday, May 4, 2009

Suzlon Raises Stake in REpower To 76 Percent‎

. Monday, May 4, 2009

By stockOzone team

Suzlon, the world's fifth-largest wind turbine maker has announced that Suzlon has made the payment of EUR 30 million for the second tranche of Martifer Group's stake in REpower due in April 2009.

The transaction takes Suzlon's holding in REpower to 76%. Suzlon already controls about 91% voting rights in REpower through an existing agreement with Martifer.

Suzlon and the Martifer Group in December 2008, entered into an agreement on a revised payment schedule for Martiler's 22.4% stake in REpower, with the first tranche acquired in December 2008 by payment of Euro 65 million, the second in April 2009 by payment of Euro 30 million and the final tranche by payment of Euro 175 million payable in May 2009.

Disclosure: Author does not own any of the stocks discussed here.

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