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Iberdrola has presented this Wednesday a public offer friendly to acquire all the capital of the australian Infigen by 510,2 million euros and thus to overcome a pre-proposal led by the philippine group Ayala.
“The offer has been recommended unanimously by the board of directors of Infigen in the absence of a higher bid”, has been announced by the company in a statement sent to the Stock exchange australia (ASX), which details that offers 0,86 australian dollars (about 0.59 u.s. dollars, or 0.52 euros) for each share of the australian.
In other writing referred to the regulator of the Spanish stock exchange (CNMV), Iberdrola concrete, completed one hundred percent and on the terms proposed, the amount of the transaction would be 510,2 million euros.
By his side, Infigen, which owns one of the largest fleets of renewable energy in Australia, have added to the ASX that it supported the proposal of the Spanish multinational company and has urged shareholders to accept it.
on 3 June, the company received another takeover bid from 0.8 australian dollars per share on the part of UAC Energy, a partnership between the group filipinio Ayala and the group of renewable energies at UPC, in Hong Kong. The one presented today by Iberdrola is 7.5% higher.
“Iberdrola is a leading global energy, the number one wind energy and one of the world leaders in electricity by market capitalization. Iberdrola has more than 55 GW of installed capacity and is the market leader in Spain, the United Kingdom, the united States and South america”, has been argued Infigen in its press release of today to defend the desirability of this offer.
The australian, generates renewable energy through its wind farms and has an installed capacity of 670 MW, has agreed to certain exclusivity clause with Iberdrola and has committed to pay a compensation (the break-up fee) of 1% of the consideration payable under the offer if the negotiations do not come to fruition or not certain conditions are met.
Among others, the offer is conditional on Iberdrola Australia acquires a share of more than 50% of the bound values of Infigen, to obtain the approval of the Foreign Investment Review Board (“FLOOR”) australian and to the absence of a material adverse change.
The price offered by Iberdrola Australia has taken into account that the directors of Infigen have undertaken not to make any distribution with respect to the capital of Infigen before 30 June.
the main shareholder of the australian, The Children’s Investmnet Fund (TCI), was agreed to sell to the Spanish 20% of capital if the authorities of your country approve the operation, and, if the offer is declared unconditional.
Iberdrola expects to pay for this operation with its own cash, with the ultimate goal to expand its international presence in the field of renewable energies. In April, he assured his shareholders that, during this year I would invest 10,000 million euros.
This initiative of Iberdrola is in addition to the seizure of 100% of the offshore wind park French Saint-Brieuc, the acquisition of the company gala Aalto Power and the purchase of two wind projects in Scotland, all operations undertaken in the first half of the year.
If you close this operation, Iberdrola ensures that it will become the market leader in the region of South Australia by installed capacity, with almost 1,000 MW.
With just 80 employees, Infigen has 268 MW of assets of conventional generation, energy storage and backup (firming), the production of 246 MW of generation capacity-renewable property of third parties acquired in the firm through contracts of purchase and sale of energy and a portfolio of wind and solar projects in various stages of development for a total capacity exceeding 1 GW.
