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UPDATE 1-Philippines firm makes $535 mln bid for Australia's Infigen Energy

Published 06/03/2020, 08:33 AM
Updated 06/03/2020, 08:40 AM
IFN
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AC
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(Adds chairman comments, Infigen share move)
June 3 (Reuters) - A company part-owned by a unit of
Philippine conglomerate Ayala Corp AC.PS said on Wednesday it
will bid for Australian renewable energy company Infigen Energy
IFN.AX in a takeover offer valuing it at about A$777 million
($535 million).
UAC Energy Holdings said it intended to make an all-cash
takeover offer of A$0.80 per Infigen share.
Sydney-based Infigen Energy did not immediately respond to a
request for a comment.
Infigen shares were down about 27% since hitting a record
high of A$0.81 in early February, as of last close. The stock
rose 35.6% to meet the offer price of A$0.80 on Wednesday.
UAC Energy Holdings, which is owned by UPC Renewables Group
and Ayala Corp unit AC Energy, said in a statement the
acquisition was an opportunity to invest in renewable energy.
"We have ready access to capital and significant renewable
energy expertise that will position us well to support Infigen's
pipeline of projects and focus on much needed renewable energy
investment and associated employment in Australia," UAC Chairman
Anton Rohner said.
UAC also said it had acquired a 12.8% stake in Infigen.
($1 = 1.4514 Australian dollars)

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