Iberdrola secures 98.25 per cent stake in Australian Infigen
Philippine conglomerate Ayala was the first bidder for the renewable energy company back at the beginning of June in an offer that valued the company at about A$777 million ($551.98 million)
Spain’s Iberdrola said on Wednesday it had secured a 98.25 per cent stake in Australian wind and solar firm Infigen share capital through a public takeover offer.
The announcement brings to an end the months-long bidding war for the control of the Australian firm.
Philippine conglomerate Ayala was the first bidder for the renewable energy company back at the beginning of June in an offer that valued the company at about A$777 million ($551.98 million).
Iberdrola replied and eventually offered A$893 million for Infigen.
Infigen’s independent directors had urged minority investors to accept Iberdrola’s takeover offer a few days after the company had reported a steep profit decline and suspended dividends indefinitely.
Source: reuters
