July 24, 2020 / 12:12 AM / 11 days ago

Iberdrola offer for Australia's Infigen worth $635 mln now after condition met

July 24 (Reuters) - Spain’s Iberdrola said on Friday it received further acceptances from shareholders for its takeover of Australian wind and solar firm Infigen Energy , meeting a condition that would see the offer price increase by 3 cents.

With the increase announced earlier this week conditional on acceptances of a further 13%, Infigen shareholders will now receive A$0.92 per share from the Spanish utility firm hoping to finalise the deal after a month-long battle with Philippine conglomerate Ayala Corp.

The Spanish firm’s twice-improve improved offer with the backing of Infigen now stands at A$893.1 million ($634.28 million) and comes around a week after Ayala said it would not improve its bid.

Iberdrola said it now holds 38.06% of Infigen following the 13.5% of acceptances received on Thursday. ($1 = 1.4081 Australian dollars) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Muralikumar Anantharaman)

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