Suzlon Energy to Receive $178 Million for Hansen Stake Next Week
Suzlon Energy Ltd. (SUEL), India’s biggest wind-turbine maker, is set to receive 115 million pounds ($178 million) by Oct. 11 from ZF Friedrichshafen AG for its stake in Hansen Transmissions International NV. (HSN)
ZF, a German manufacturer of auto-parts and agricultural machinery, said that all conditions of its 444.7 million pound, or 66 pence a share, cash offer for Hansen have been satisfied and declared unconditional, according to a statement on its website.
Shareholders of Hansen, which makes gears for wind turbines, will be paid for their stakes on or before Oct. 11, it said. Suzlon’s AE-Rotor Holding BV unit holds 26.06 percent of Hansen.
Suzlon, controlled by billionaire Tulsi Tanti, needs funds to buy out minority stockholders that own 4.8 percent in its German unit, Repower Systems AG. (RPW) The Indian company also needs cash for next year, when loan repayments start and $389 million in convertible bonds mature.
The Ahmedabad-based company got 224 million pounds in November 2009 by selling a 35 percent stake in Hansen.
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