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IFN - Infigen Energy News Story

A$0.93 0.0  0.0%

Last Trade - 02/11/20

Sector
Utilities
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £162.5m
Position in Universe th / 1912

Australian regulator won't oppose Ayala's takeover bid for Infigen

Fri 19th June, 2020 9:07am
June 19 (Reuters) - Australia's foreign investment board
will not oppose Ayala Corp's  AC.PS  takeover bid for Infigen
Energy  IFN.AX , a law firm representing the Philippine firm
said on Friday, days after Spain's Iberdrola offered more for
the solar and wind firm.
    Infigen backs a A$828 million ($569 million) takeover offer
by Iberdrola which is 7.5% higher and has fewer conditions.
    A joint venture of Ayala's AC Energy  ACEPH.PS  and Hong
Kong-based UPC Renewables Group, however, could revise their
earlier A$777 million offer for Infigen.  urn:newsml:reuters.com:*:nL4N2DT4IH
    "UAC continues to consider its position," a spokeswoman told
Reuters on Friday, reiterating the company's stance earlier this
week.
    Iberdrola and UAC pounced on Infigen after its share price
slumped due to falling power prices in Australia and challenges
facing wind and solar firms hooking up projects to a shaky grid.
    Infigen's top shareholder, TCI Fund Management, has agreed
to sell its stake to the Spanish firm if no higher bids surface.
    The regulator's position comes as Australia introduces
tougher policies to monitor foreign investments as interest
rises from overseas investors for troubled Australian assets in
the wake of the coronavirus pandemic.  urn:newsml:reuters.com:*:nL4N2DT4EK
    ($1 = 1.4552 Australian dollars)

 (Reporting by Nikhil Kurian Nainan and Shreya Mariam Job in
Bengaluru; Additional reporting by Sonali Paul in Melbourne;
Editing by Jacqueline Wong)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN; +91 806 182 2724;))
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