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    AC   PHY0486V1154

AYALA CORPORATION

(AC)
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Ayala says won't improve bid for Australia's Infigen Energy

07/17/2020 | 04:35am EDT

Philippine conglomerate Ayala Corp said it would not improve its takeover offer for Australia's Infigen Energy further after a month-long bidding war for the wind and solar firm.

Philippine conglomerate Ayala Corp said it would not improve its takeover offer for Australia's Infigen Energy further after a month-long bidding war for the wind and solar firm.

The announcement comes a day after rival Spanish power generation company Iberdrola said its offer for Infigen Energy, due to close on July 30, was now unconditional. Infigen has asked its shareholders to reject the Ayala bid.

Infigen shares closed at A$0.90 on Friday, marginally above Iberdrola's offer as investors hoped for a higher bid to emerge from UAC Energy Holdings, a joint venture of Ayala's AC Energy and Hong Kong-based UPC Renewables Group.

Iberdrola's offer was backed by Infigen in June after it improved its offer by 3 cents to A$0.89 a share, valuing the company at A$856 million ($598 million). The bid was approved by Australia's Foreign Investment Review Board.

UAC Energy said it made no final decision regarding its stake in Infigen when its offer closes.

($1 = 1.4310 Australian dollars)

(Reporting by A K Pranav in Bengaluru; Editing by Muralikumar Anantharaman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AYALA CORPORATION 0.12% 819.5 End-of-day quote.-0.91%
IBERDROLA, S.A. 1.15% 10.95 Delayed Quote.-6.41%
PHINMA ENERGY CORP End-of-day quote.
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Financials
Sales 2021 228 B 4 720 M 4 720 M
Net income 2021 23 743 M 491 M 491 M
Net Debt 2021 366 B 7 583 M 7 583 M
P/E ratio 2021 21,9x
Yield 2021 0,79%
Capitalization 508 B 10 543 M 10 510 M
EV / Sales 2021 3,83x
EV / Sales 2022 3,25x
Nbr of Employees 64 413
Free-Float 30,0%
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Technical analysis trends AYALA CORPORATION
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 985,29 PHP
Last Close Price 819,50 PHP
Spread / Highest target 39,7%
Spread / Average Target 20,2%
Spread / Lowest Target 4,82%
EPS Revisions
Managers and Directors
NameTitle
Fernando Miranda Zobel de Ayala Vice Chairman, President & Chief Executive Officer
Alberto Macapinlac de Larrazabal CFO, Chief Risk & Sustainability Officer
Jaime Augusto Zobel de Ayala Chairman
Maria Angelica B. Rapadas Chief Information Officer
Solomon M. Hermosura Secretary, Chief Legal Officer & General Counsel