Suzlon subsidiary offered US $187 mn for its shares in Hansen

Stocks

oi-Shoaib MD

By Shoaib Md

Published: Monday, July 25, 2011, 13:31 [IST]

Suzlon's subsidiary has signed an irrevocable undertaking to accept the offer of ZF Friedrichshafen AG. Suzlon informed the BSE that it will be selling 26.06% equity in Hansen Transmissions International NV, Belgium, to ZF.

The wholly owned subsidiary of Suzlon Energy is known as AE-Rotor Holding, the Netherlands (AERH), The AERH owns 174,632,079 Depository Receipts in Hansen representing 26.06%. ZF has offered AERH for the entire issued and to be issued share capital of Hansen at 66 pence per ordinary share.

If ZF completes the acquisition of AERH's stake in Hansen under the Offer, AERH will realise about 115 million GBP (USD 187 million).

The proposed offer is irrevocable unless a third party shows interest for the shares of Hansen with an offer more than 12.5% than the current offer or if the Offer lapses or is withdrawn.

The directors of Hansen have announced that they consider the terms of the deal to be fair and reasonable and have unanimously recommended that the shareholders of Hansen accept the Offer.

The Offer Announcement, which contains a summary of the terms and conditions of the Offer, is available on the website of the London Stock Exchange.

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