June 28, 2020 / 11:52 PM / 4 days ago

Ayala declares takeover bid for Australia's Infigen unconditional

June 29 (Reuters) - Philippine conglomerate Ayala Corp said on Monday its offer for Infigen Energy is unconditional, as it competes with Spain’s Iberdrola to buy the Australian renewables firm.

Infigen had earlier raised concerns about the offer made by UAC Energy Holdings, a joint venture of Ayala’s AC Energy Philippines Inc and Hong Kong-based UPC Renewables Group, saying it was a highly conditional one.

Iberdrola subsequently made an agreed A$828 million ($567.8 million) bid for the wind and solar firm which was 7.5% higher with fewer conditions, prompting Infigen to urge its shareholders reject the UAC bid.

Analysts expect a bidding war for Infigen as the firms look to bag its seven wind farms and a large pipeline of projects which are currently on hold. Its stock has jumped 50% since UAC’s bid on June 3 and continues to trade above both offer prices. ($1 = 1.4584 Australian dollars) (Reporting by Shashwat Awasthi in Bengaluru; Editing by Muralikumar Anantharaman)

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