June 19 (Reuters) - Australia’s foreign investment board will not oppose Ayala Corp’s takeover bid for Infigen Energy, a law firm representing the Philippine firm said on Friday, days after Spain’s Iberdrola offered more for the solar and wind firm.
Infigen backs a A$828 million ($569 million) takeover offer by Iberdrola which is 7.5% higher and has fewer conditions.
A joint venture of Ayala’s AC Energy and Hong Kong-based UPC Renewables Group, however, could revise their earlier A$777 million offer for Infigen.
“UAC continues to consider its position,” a spokeswoman told Reuters on Friday, reiterating the company’s stance earlier this week.
Iberdrola and UAC pounced on Infigen after its share price slumped due to falling power prices in Australia and challenges facing wind and solar firms hooking up projects to a shaky grid.
Infigen’s top shareholder, TCI Fund Management, has agreed to sell its stake to the Spanish firm if no higher bids surface.
The regulator’s position comes as Australia introduces tougher policies to monitor foreign investments as interest rises from overseas investors for troubled Australian assets in the wake of the coronavirus pandemic.
$1 = 1.4552 Australian dollars Reporting by Nikhil Kurian Nainan and Shreya Mariam Job in Bengaluru; Additional reporting by Sonali Paul in Melbourne; Editing by Jacqueline Wong