Düsseldorf, 30 November 2011. Linklaters advised the Indian wind energy group Suzlon on the complete takeover of REpower Systems SE by means of a squeeze-out under stock corporation law. The shareholders’ meeting of REpower Systems SE resolved the transfer of the minority shareholders’ shares to a Dutch Suzlon Group subsidiary. The squeezed-out minority shareholders will receive a cash consideration in the amount of €142.77 per REpower share.
With more than 13,000 employees, Suzlon Energy Ltd. is one of the leading wind turbine providers with headquarters in Pune, India. REpower Systems SE with seat in Hamburg is an international mechanical engineering company and a leading system provider of onshore and offshore wind turbines with just under 2,500 employees worldwide and a turnover of about €1.2 billion.
Since the bidding war for REpower in the beginning of 2007, Linklaters regularly advises Suzlon as regards stock corporation law issues as well as on M&A transactions and financing. Already prior to the squeeze-out, Linklaters had provided comprehensive advice to the principal shareholder on measures to reach the necessary capital majority of 95%, the further preparation and implementation of the squeeze-out as well as on the shareholders’ meeting of REpower. Only three days after the end of the period during which right of avoidance can be exercised, the transfer resolution was entered into the commercial register.
The Linklaters team led by Dr Klaus Marinus Hoenig, Hans-Ulrich Wilsing and Dr Kay-Uwe Neumann (all corporate/M&A, Düsseldorf) advised Suzlon on REpower squeeze-out. The team also included Sebastian Goslar, Daniel Dehghanian, Sebastian Klingen, Klaus von der Linden (all corporate/M&A, Düsseldorf), Dr Jörg Fried and Sebastian Dey (capital markets, Berlin).
