Suzlon Energy passed a resolution on the ‘squeeze-out’ of its minority shareholders at the annual general meeting (AGM) of Repower Systems wherein the company will buyout the remaining 4.8% stake in Germany's REpower Systems for 63 million euros in the next four months. With this acquisition, REpower Systems will be 100% owned subsidiary of the company.
At the AGM held on September 21, 2011, the shareholders of REpower approved Suzlon's buyout offer for minority shareholders. This follows the announcement of cash compensation value being set at EUR 142.77 per no-par value share two months back. The proceedings will continue in full compliance with the German corporate law.
Suzlon energy is leader in wind energy in the India, which is world’s fifth largest wind energy market. Its business model has range of services that include development, manufacturing, marketing, EPC project delivery and operations and maintenance of wind turbine generators around the world. Suzlon Energy is the majority shareholder holding more than 95 percent of the shares in REpower Systems.
