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Home arrow Mergers and Acquisitions arrow Suzlon Energy initiates Squeeze-out of minority shareholders at REpower
Suzlon Energy initiates Squeeze-out of minority shareholders at REpower Print E-mail
Written by Vijay   
Friday, 22 July 2011
Mumbai: AE-Rotor Holding B.V, a step-down wholly owned subsidiary of Suzlon Energy Ltd has initiated squeeze-out proceedings in relation to its subsidiary REpower Systems SE, Germany (formerly REpower Systems AG, "REpower") in accordance with German regulations.

A successful completion of these proceedings will result in REpower becoming a step-down wholly owned subsidiary of Suzlon Energy Ltd. The total cash compensation payable by AERH is expected to be around EUR 63 million.

The squeeze-out will be subject to additional expenditure, completion of procedural steps (including court process) and timing requirements as maybe required as per German Regulations.

As part of the squeeze-out proceedings, AERH has now informed the Executive Board of REpower today that it has set the cash compensation for the transfer of the shares from the minority shareholders of REpower to AERH at EUR 142.77 per no-par value share in compliance with the provisions of the German Stock Corporation Act.

A resolution on the squeeze-out is proposed to be passed at the annual general meeting of REpower, which is scheduled to take place on September 21, 2011.

 
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