AREVA increases its offer price to €140 per REpower share
FINANCE / RENEWABLE ENERGY
March 15, 2007
Paris, March 15, 2007 - AREVA announced today that it has agreed to acquire additional shares of REpower Systems AG for a purchase price of €140 per REpower share. As a consequence of this purchase, AREVA will own 2,435,445 shares of REpower, representing slightly above 30% of the company's share capital. As a legal consequence of this purchase, the price offered by AREVA in its public offer to all shareholders of REpower published on February 5th 2007 has increased to €140 per REpower share.
The improved offer price of €140 in cash for each REpower share values REpower at a total equity value of €1,137m and represents:
- a premium of 11.1 per cent to Suzlon Windenergie GmbH's offer published on February 28th 2007,
- a premium of 33.3 per cent to the price offered by AREVA in the Offer Document published on February 5th 2007,
- a premium of 95.9 per cent to the three-month average weighted share price (*) prior to AREVA's announcement of its intention to launch a voluntary public tender offer on January 22nd 2007.
AREVA has been a strategic investor in REpower Systems since 2005. The increased offer reflects AREVA's strong commitment to REpower and its management and is in line with the group's strategy of strengthening its presence in the renewable energy sector.
(*) As published by BaFin
The complete terms and conditions are set out in the Offer Document. The Offer Document and other documents relating to the tender Offer are available on the internet.
To accept the Offer, REpower shareholders should submit a written declaration of acceptance to their Custodian Bank before the end of the acceptance period.
Citigroup and Freshfields are acting as advisers to AREVA on this transaction.
AREVA has a strong presence in Germany with circa 6,500 employees working in both the nuclear and T&D business in more than 20 locations, ranking Germany as the second most important country in the Group. Both AREVA NP GmbH and AREVA T&D have generated annual revenues of €1,2 bn in 2005. AREVA NP GmbH whose expertise in nuclear reactors and services as well as nuclear fuel supply was further expanded following the merger of Siemens’ nuclear activities with those of Framatome in 2001. In the field of power transmission and distribution, AREVA T&D’s holds a 20% market share in Germany.
This is neither an offer to purchase nor a solicitation of an offer to sell shares in REpower Systems AG, nor an offer to purchase or sell any other securities. The terms and conditions of the offer will be published in the offer document only after the permission of the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) has been obtained. Investors and holders of shares in REpower Systems AG are strongly advised to read the relevant documents regarding the takeover offer to be published by AREVA when they become available because they will contain important information. Investors and holders of shares in REpower Systems AG will be able to receive these documents, when they become available, inter alia, at the web site.
The information herein may contain "forward-looking statements". Forward-looking statements may be identified, in particular, by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", "will", or words of similar meaning and include, but are not limited to, statements about the expected future business of AREVA, REpower Systems AG or any other entities. These statements are based on the current expectations of management of AREVA and are inherently subject to uncertainties and changes in circumstances. AREVA does not undertake any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.