Wind turbine maker Suzlon today said it has completed the process of acquiring German subsidiary REpower Systems.
The resolution of the general meeting of REpower Systems SE of 21 September 2011 on the transfer of the shares of the minority shareholders of REpower Systems SE to AE-Rotor Holding B.V. as main shareholder pursuant to sections 327a et seq. of the German Stock Corporation Act (Aktiengesetz) against a cash compensation of EUR 142.77 per ordinary bearer share without par value (“squeeze-out-resolution”) was entered in the commercial register of the company on 27 October 2011.
By the registration of the squeeze-out-resolution with the commercial register, all shares of the minority shareholders of REpower Systems SE have been transferred to AE-Rotor Holding B.V. as a matter of law.
The stock exchange listing of the shares of REpower Systems SE will presumably be terminated shortly. The stock exchange trading taking place until such termination is a trade with the cash compensation rights of the minority shareholders only.
“Suzlon announced the completion of “squeeze out” process of REpower Systems SE,” the company informed the BSE.
“This is a very important milestone in Suzlon and REpower coming together,” Tulsi Tanti, Chairman and Managing Director Suzlon Group said.