Ayala declares takeover bid for Australia's Infigen unconditional By Reuters

Global shares, US yields rise after strong jobs data, debt-ceiling passage

Ayala declares takeover bid for Australia's Infigen unconditional

Published Jun 29, 2020 09:52

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Ayala declares takeover bid for Australia's Infigen unconditional

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June 29 (Reuters) - Philippine conglomerate Ayala Corp AC.PS said on Monday its offer for Infigen Energy IFN.AX is unconditional, as it competes with Spain's Iberdrola IBE.MC to buy the Australian renewables firm.

Infigen had earlier raised concerns about the offer made by UAC Energy Holdings, a joint venture of Ayala's AC Energy Philippines Inc ACEPH.PS and Hong Kong-based UPC Renewables Group, saying it was a highly conditional one.

Iberdrola subsequently made an agreed A$828 million ($567.8 million) bid for the wind and solar firm which was 7.5% higher with fewer conditions, prompting Infigen to urge its shareholders reject the UAC bid. expect a bidding war for Infigen as the firms look to bag its seven wind farms and a large pipeline of projects which are currently on hold. Its stock has jumped 50% since UAC's bid on June 3 and continues to trade above both offer prices. ($1 = 1.4584 Australian dollars)

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Ayala declares takeover bid for Australia's Infigen unconditional

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