June 4, 2020 / 4:13 AM / a month ago

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

June 4 (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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