NEW DELHI, April 11 (UPI) -- Suzlon Energy announced it countered rival Areva's bid by raising its offer for REpower to $1.65 billion.
The Indian firm has been in a bidding war with France's Areva since the beginning of the year to acquire the German wind-turbine producer REpower. In January Areva bid to purchase the shares of REpower it didn't already own.
Then Suzlon partnered with a third shareholder, Martifer, and made a counteroffer. Martifer is a Portuguese company that owns about 25 percent of REpower. Since then, the two have gone back and forth, most recently when Areva raised its bid in March to $187.89 per share. Suzlon's bid had been $169.75 per share and is now $201.38.
"We have already commenced a working relationship in several aspects of the business and are confident of achieving a steady reduction in raw-material costs for REpower," said Tulsi Tanti, chairman of Suzlon.
The bid will be either accepted or rejected by April 20, the offer date for shareholders.
