Ayala Corp, a Philippines-based corporation got into a competitive war with Spanish renewables Iberdola for the acquisition of Infigen Energy, one of Australia’s largest windfarm in a takeover bid as the latter bid for A$856 million ($589.1m), on Monday.
The electric utility company Iberdola has offered Infigen Energy shareholders 89 cents per share as per the counteroffer to the earlier takeover offer by which put an offer of 86 cents for the company.
Currently, Infigen Energy has 670MW of wind power in operation, an in-development portfolio of 1GW wind and solar projects, and seven wind farms.
The takeover took a turn after Ayala made it “unconditional” which made Iberdola bid higher. As per Infigen Energy, the company might back the Iberdola bid as it offers a better value for money and less conditions. The deal might focus on strengthening Iberdola’s influence on the Australian energy market and the company’s operations on a massive 53,200MW portfolio of wind and hydroelectricity projects across Europe, North and South America. In a statement, Iberdola said that Infigen might help the Iberdola Corp to add critical mass to the present Australian market that consists of the 320MW Port Augusta Renewables energy market, with the aid of Infigen’s 670MW of wind generation assets, 246MW of renewable capacity, and 268MW of firming assets.