Australia's Infigen Energy decries Ayala's $536 mln bid as 'opportunistic'

FILE PHOTO – A fence is seen in front of wind turbines that are part of the Infigen Energy Capital Wind Farm located on the hills surrounding Lake George, near the Australian capital city of Canberra, Australia February 21, 2018. Picture taken February 21, 2018. REUTERS/David Gray

(Reuters) – Australia’s Infigen Energy is still going over a takeover offer to the tune of A$777 million ($535.82 million) by Philippine conglomerate Ayala Corp, the renewables firm said on Thursday, but described the bid as “opportunistic”.

The comment follows Wednesday’s cash offer of A$0.80 a share by UAC Energy Holdings, a joint venture of Ayala’s AC Energy and Hong Kong-based UPC Renewables Group, for a firm whose shares have been hit by lower power prices.

($1=1.4501 Australian dollars)

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Clarence Fernandez


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