FRANKFURT (AFX) - Repower Systems AG is willing to be bought by either Areva or Suzlon Energy Ltd and would prefer it if the two rival bidders formed an alliance, Fritz Vahrenholt, chairman of the German wind turbine maker, said at a news conference on its full year results.
'Both candidates are appropriate from our point of view. Both could help us in our growth. The best for the company would be if the two could put their forces together,' Vahrenholt said.
On Tuesday, Repower said its supervisory and management boards recommend that their shareholders accept Areva's latest 140 eur per share offer for the company.
The proposal values Repower at 1.14 bln eur or around 1.5 bln usd.
The bid is an 11.1 pct premium to the 126 eur per share joint offer made last month by Suzlon Energy Ltd with Mota Engil SGPS unit Martifer.
It is also 33.3 pct above Areva's initial takeover bid.
According to India's Economic Times, Suzlon Energy may respond by increasing the value of its offer to around 160 eur per share or 1.7 bln usd atogether. Andrew.Newby@Thomson.com an COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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