Ayala unit, Spanish rival neck and neck in race for Aussie firm

Ayala group affiliate UAC Energy Holdings Pty Ltd. is caught up in an escalating bidding war against Spanish utility giant Iberdrola SA for the takeover of Australian renewable energy firm Infigen Energy Ltd.

UAC is owned by AC Energy and UPCAC Renewables Australia, which is a joint venture of AC Energy with the UPC Renewables Group.


Listed in the Australian Securities Exchange, Infigen owns and operates a 670-megawatt portfolio of wind farms all over Australia and also has gas, battery and contracted assets.

Parent firm Ayala Corp. said in a disclosure UAC has lodged with the Australian Securities and Investments Commission a supplementary bidder’s statement in relation to an off-market takeover bid for all the stapled securities in Infigen.


Stapled securities are two or more different securities contractually bound together, such that these cannot be sold separately.

UAC is offering 86 Australian cents per stapled security. Also, UAC—whose offer is now wholly unconditional—is willing to advance payment terms in 10 days after an agreement is made.UAC first made an offer at 80 cents, but Iberdrola countered with 86 cents. Iberdrola’s updated offer is at 89 cents per stapled security.

The Ayala affiliate’s offer is open until July 24 while that of Iberdrola is good until July 30.

Initially, Infigen’s board recommended that security holders reject UAC’s offer and accept that of Iberdrola.

But with the new round of offers, the Infigen’s board advised security holders to “take no action” while it was considering the latest developments.

UAC’s first offer was made along with the acquisition of 124.48 million stapled securities for A$90.4 million—73 cents per stapled security—or a 12.8-percent stake in Infigen.

UAC wants to acquire up to 846.2 million more stapled securities in Infigen. —Ronnel W. Domingo INQ


Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Ayala, Business
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.