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. Analysts 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)