Spanish energy company Iberdrola has increased its stake in Australian renewables company Infigen to almost 53%, giving it effective control of the latter.
The increase in Iberdrola’s voting power in Infigen to 52.75% means the former’s off-market takeover offer of A$0.92 (€0.56) per stapled security has been automatically extended for two weeks to 7pm Sydney time on 19 August.
Infigen’s directors have urged the company’s security holders to accept the Iberdrola offer “without delay to ensure that acceptance is received and processed” before the close of the offer.
Iberdrola can now also nominate a majority members to the board of Infigen Energy and Infigen Energy RE, subject to there being two independent directors on the boards until Iberdrola acquires all the Infigen stapled securities.
“In accordance with the terms of the bid implementation agreement with Iberdrola, Infigen directors will take all actions necessary to cause the appointment of Iberdrola’s nominees to the boards,” Infigen said.
Infigen independent chairman Len Gill said: “The board unanimously recommends security holders accept the cash takeover offer from Iberdrola at A$0.92 per stapled security.”
A rival takeover offer for Infigen from Philippines outfit UAC Energy closed on 24 July, with that company securing a 20% stake in the Australian company.
On 29 July, UAC chairman Anton Rohner said: “Our takeover offer for Infigen was aimed at securing a material stake in Infigen.
“The offer was not predicated on control, and was therefore not subject to a minimum acceptance condition.
“We are pleased to have met our objective, and look forward to supporting Infigen’s future growth.”