AREVA and Suzlon conclude an agreement on REpower
FINANCE / RENEWABLE ENERGY
May 24, 2007
The offer period for REpower ends this Friday 25th of May 2007. In consideration of the late point in time for a potential increase of its offer making it very unlikely that AREVA can obtain the majority of shares, the share price level reached (€168 today) and the very substantial value created by its initial investment, which has been multiplied by four, AREVA has decided not to go any further.
The group has concluded a cooperation agreement with Suzlon which includes the following terms:
- it maintains its stake in REpower and continues supporting REpower;
- it becomes preferred supplier of Suzlon in the field of electricity transmission and distribution;
- it benefits from an exit guarantee ensuring a value creation of over €350M.