ASX-listed Infigen had been the target of a dueling takeover bids. Image by Mick Tsikas/AAP PHOTOS

merger, acquisition and takeover

UAC lifts stake in Infigen

2020-07-29 15:42:59

UAC Energy Holdings, a unit of Philippines conglomerate Ayala Corp, has raised its stake in Infigen Energy to just under 20 per cent after failing to secure control of the Australian wind farm operator.

UAC on Wednesday said in a stock exchange filing it now holds 19.94 per cent of Infigen’s shares, up from 13.4 per cent as of June 9. 

It raised the stake on Tuesday, buying shares at prices between 92.5 and 93 cents, the filing showed.

UAC’s off-market takeover offer, at 86 cent per share, expired last Friday.

Its takeover bid was trumped by Spanish utility Iberdrola, which as of Tuesday had acquired 40.98 per cent stake in Infigen following a 92-cents-per-share offer.

UAC had said in a July 17 filing that it hadn’t made a final decision over what it would do in relation to its stake in Infigen if it didn’t acquire a significantly increased stake in the company.

Under takeover regulations, UAC cannot raise its stake beyond 20 per cent for six months, nor can it make a fresh offer for Infigen for four months after the expiry of the previous offer.

Infigen operates renewable assets with a capacity of about 670 megawatts across Australia and has another 700 megawatts under construction.

Infigen shares were trading at 92 cents on Wednesday, flat from Tuesday.