-The Company already holds 52.7% of the ordinary shares and 47.3% of the preferred stock of the Greek wind power leader
-The Iberdrola subsidiary is offering a premium of 23% for the ordinary shares of the Greek renewable energy company and one of 33% for the preferred shares
-Authorization from the Greek stock market regulator is envisaged by the end of this month while the acceptance period is likely to extend until mid-September
-The transaction is in line with Iberdrola Renewables' objective of strengthening its presence in strategic markets and will consolidate its leadership in the Greek market with installed capacity of nearly 220 MW
Iberdrola Renewables has announced a public tender offer for the Rokas Group, the leading wind power company in Greece, valuing the minorities buyout transaction at approximately €175 million in cash.
The Company, which already owns 52.7% of the ordinary shares and 47.3% of the preferred stock in Rokas, is offering €16 per ordinary share and €11 per preferred share for the stock it does not already own, representing premiums of 23% and 33%, respectively.
The transaction is subject to authorization by the Greek stock market regulator, which is expected to be obtained by the end of this month. The period for acceptances would thus extend until mid-September.
With this initiative, the Iberdrola Group’s renewable energy subsidiary confirms its commitment to the Greek market, where it has been present since December 2004 when it acquired 21% of Rokas’ ordinary shares. Since then, the Company has gradually increased its presence in the Greek wind power market with 49.9% of Rokas’ stock held at the end of 2005 and 52.7% in March last year.
The takeover bid launched by Iberdrola Renewables is consistent with its philosophy of positioning in markets it considers strategic, as well as that of penetrating new markets and diversifying its geographical presence and regulatory risk.
As a result, it will consolidate its wind energy leadership in this country, increasing installed capacity to 217 MW* from the 124 MW at present. Rokas Group, which has listed on the local Stock Exchange since 1990, specializes in promotion, construction and operation of renewable energy projects and today has 13 wind farms with 193.3 MW capacity and a photovoltaic plant of 171.6 kW.
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