,Australia

Spanish utility offers takeover bid for Infigen

Infigen’s board recommended to take the offer instead of UAC’s.

Spanish electric utility Iberdrola is making an off-market takeover bid for Infigen at a price of $0.59 (A$0.86) per stapled security in cash, a press release revealed.

The offer from Iberdrola followed an extended period of engagement with Infigen regarding potential cooperation or a control transaction.

Iberdrola’s takeover offer price represents a 69.8% premium to the three-month volume weighted average price (VWAP) of Infigen’s stapled securities before the announcement of a takeover offer by UAC Energy Holdings on 3 June, which is at a 7.5% premium to the UAC offer.

Iberdrola has also informed Infigen that their largest security holder TCI Funds have entered into a pre-bid agreement under which TCI Funds has agreed to sell 20% of Infigen stapled securities to Iberdrola no earlier than two months after starting the offer.

Its board unanimously recommends that security holders accept the offer from Iberdrola and each director intends to accept the offer, or procure acceptance of the offer, in respect of all securities they control. On the other hand, they recommended investors to reject UAC’s earlier offer, which is expected to be opened shortly. 

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Onshore wind will take up 82% of China’s 408 GW new capacity between 2021-2030.
With producing green hydrogen costs set to drop, APAC is ripe for a hydro revolution.
This is supported by Lao PDR, Thailand, and Malaysia.
The project consists of numerous ground-mounted solar installations currently in development.
ETS covered around 40% of China's 11,535 Mt CO2e emissions in 2019.
In a nutshell, the tips are to minimise total land use, optimise land assessment, and increase land of suitable land.
1.7% is the minimum amount of land needed for solar generation alone.
There is already a notice to proceed with the 50-MW Niigata East Port biomass project.
This plant will be powered using 3-GW solar and 500-MW wind energy.
This is despite the decline of new approvals for coal-fired powerplants in H1 2021.
The country’s share of solar and wind energy will remain consistent.
This will help the region deal with climate change challenges .
The developments of photovoltaic projects will consolidate the German firm's position in the country
They will be studying the feasibility of large-scale projects off the country's coast