Areva buys wind technology company

Tuesday, 23 January 2007 The world's only fully integrated nuclear company, France's Areva, has made a friendly offer to take over Repower Systems, a wind turbine technology specialist.

Repower is a Hamburg, Germany-based wind turbine technology specialist working in the field of high-output turbine designs suitable for offshore use. It employs 740 people and earned revenues of Eur 450 million ($587 million) in 2006.

Since September 2005, Areva has been a strategic investor in Repower, holding 29.99%. Now, Areva has made a cash offer of Eur105 ($137) per share for the stocks it does not yet own.

Valuing Repower at Eur850 million ($1.1 billion) the offer is 17% greater than closing stock price on 19 January, and 44% greater than Repower's three-month average. The offer is conditional on Areva acquiring over 50% of the company.

A company statement read: "Areva believes this valuation to fully reflect business value and future prospects and considers it highly attractive to the Repower shareholders."

Areva said: "The combination of Areva and Repower will create a worldwide centre of excellence in wind energy based in Germany. This acquisition will reinforce Areva's srategic position in carbon dioxide-free energy technologies. Areva's strategy of combining nuclear and renewable energies and transmission and distribution infrastructure is complementary, all seeking to address the world's growing energy demand without emitting greenhouse gases."

Repower welcomed Areva's words and said its executive board would carry out an extensive check of the offer document before publishing its reasoned opinion.

Further information

Areva
Repower Systems