Iberdrola makes final extension of Infigen bid

Spanish energy major Iberdrola SA (BME:IBE) has once again extended its off-market takeover offer for Aussie renewables operator Infigen Energy Ltd (ASX:IFN), this time saying this is the final extension of its bid.

The unconditional proposal by Iberdrola’s Australian renewable energy unit will run through October 21, the target entity said in a bourse filing on Thursday. The off-market takeover offer of AUD 0.92 (USD 0.65/EUR 0.56) per Infigen share was previously prolonged by an additional two weeks to September 23.

Iberdrola urged all remaining Infigen securityholders to accept its bid, which it says will not be increased or extended any more.

According to a report by the Australian Financial Review (AFR) in September, Iberdrola has bought UAC Energy Holdings Pty Ltd’s 19.94% stake in Infigen as part of its plan to take Infigen private. UAC, owned by Philippine conglomerate Ayala Corporation’s AC Energy and the Hong Kong-based UPC Renewables Group, secured its minority interest in Infigen through its own takeover offer and certain on-market purchases.

Including UAC Energy’s interest, Iberdrola is reported to have built a stake of 97% in the Aussie renewables group.

(AUD 1.0 = USD 0.709/EUR 0.605)

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