Australia's Infigen Energy said on Thursday a preliminary analysis of a A$777 million ($536 million) takeover by Philippine conglomerate Ayala Corp showed the offer was 'opportunistic' but that it was still considering the bid.
FILE PHOTO - A fence is seen in front of wind turbines that are part of the Infigen Energy Capital Wind Farm located on the hills surrounding Lake George, near the Australian capital city of Canberra, Australia February 21, 2018. Picture taken February 21, 2018. REUTERS/David Gray
Infigen’s shares were slightly above the cash offer of A$0.80 a share in afternoon trade, at A$0.813, indicating market expectations for the deal to progress. The Sydney-based renewables firm called the proposal “opportunistic”, pointing to the hit Australian energy prices have taken since the coronavirus hammered markets.
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