June 30 (Reuters) - Australian wind and solar firm Infigen
Energy Ltd IFN.AX on Tuesday recommended an offer from
Iberdrola IBE.MC 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
AC.PS 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. = 1.4543 Australian dollars)