Australia’s Infigen backs revised Iberdrola takeover offer

Photo by Zbynek Burival on Unsplash

Australian wind and solar firm Infigen Energy Ltd on Tuesday recommended an offer from Iberdrola to its shareholders, after the Spanish company waived most conditions from its A$856 million ($589 million) bid.

Iberdrola and rival Philippine conglomerate Ayala Corp both raised their respective bids for Infigen on Monday, hoping to take control of its seven wind farms and a large pipeline of projects.

Ayala increased its offer for the Australian company to A$0.86 per share and declared it free of all conditions, while Iberdrola raised its bid to A$0.89.

Infigen said on Tuesday that Iberdrola had also waived the conditions on its bid, excluding the conditions that it receives approval from Australia’s Foreign Investment Review Board (FIRB) and is accepted by more than half of Infigen shareholders.

Infigen said in a statement it expected both these conditions to be met, and urged shareholders to reject Ayala’s takeover approach.

Reuters

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.