Suzlon Energy Ltd. (SUEL), India’s biggest wind-turbine maker, said it will get about 115 million pounds ($187 million) from the sale of its stake in Hansen Transmissions International NV (HSN) to ZF Friedrichshafen AG.
Suzlon unit AE-Rotor Holding BV agreed to accept an offer by ZF and will sell its entire 26.06 percent stake in Hansen, which makes gears for wind turbines, the Indian company said in an e-mailed statement today.
ZF, a German manufacturer of auto-parts and agricultural machinery, will acquire Hansen for 444.8 million pounds in cash, or 66 pence a share, according to an undertaking signed with Hansen’s two largest shareholders, Suzlon Energy and London- based investment company Ecofin Ltd., the German company said in a statement today.
Suzlon, the world’s sixth-largest turbine maker, 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.
Suzlon gained 2.7 percent to 54.40 rupees at 2:45 p.m. in Mumbai trading, after climbing as much as 5.4 percent, the most since May 31.
The company controlled by billionaire Tulsi Tanti raised 224 million pounds in November 2009 by selling a 35 percent stake in Hansen to pare its $3.1 billion debt. The group’s total debt as of December 2010 was 121 billion rupees ($2.7 billion), the company said in an e-mail on April 6.
Suzlon unit AE-Rotor Holding BV agreed to accept an offer by ZF and will sell its entire 26.06 percent stake in Hansen, which makes gears for wind turbines, the Indian company said in an e-mailed statement today.
Suzlon, the world’s sixth-largest turbine maker, 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.
Suzlon gained 2.7 percent to 54.40 rupees at 2:45 p.m. in Mumbai trading, after climbing as much as 5.4 percent, the most since May 31.
The company controlled by billionaire Tulsi Tanti raised 224 million pounds in November 2009 by selling a 35 percent stake in Hansen to pare its $3.1 billion debt. The group’s total debt as of December 2010 was 121 billion rupees ($2.7 billion), the company said in an e-mail on April 6.
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