#REPOWER SYSTEMS

Network Corporate Finance advised REpower Systems AG, Hamburg, on the voluntary, public takeover offer from French AREVA S.A., Paris.

#Key data

Industry: Energy
Client: REPOWER SYSTEMS
Project type: Capital Market Transactions
Description: Fairness Opinion
Date: March 2007

Transaction

On the 22nd of January 2007 the French Société des Participations du Commissariat à l’Energie Atomique ("AREVA"), Paris, published its decision to submit to all shareholders of REpower Systems AG a voluntary, public takeover bid to purchase their shares in accordance with the securities takeover Act ("WpÜG"). With the offer document dated 5th February 2007, AREVA offered the shareholders of REpower a purchase price of EUR 105.00 for each REpower share, which valued the company at EUR 852 million. After the Indian company Suzlon Energy Ltd. had offered the shareholders of REpower a purchase price of EUR 126.00 per REpower share in a competing takeover bid, on the 15th March 2007 AREVA increased the purchase price to EUR 140.00 for each REpower share, which is equal to a total enterprise value of EUR 1,137 million.

 

Target Company

REpower Systems AG is one of the leading manufacturers of both onshore and offshore wind power installations. With around 880 employees worldwide, the company which has been listed since March 2002 and is headquartered in Hamburg, can draw on its experience in the production and installation of more than 1400 wind energy plants worldwide.

REpower is represented with its sales partners, subsidiaries and investments in neighbouring European markets such as France, Great Britain, Italy, Portugal and Spain, but also worldwide in Japan, China and Australia.

 

Key facts

Transaction value: EUR 796 million
Sector: Energy plant construction
Sales: EUR 450 million (2006e)
Employees: 880
Date: March 2007

 

The role of Network Corporate Finance

Network Corporate Finance advised REpower Systems AG in connection with the transaction and prepared a statement for the management board and supervisory board regarding the financial appropriateness of the offer ("fairness opinion").

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