By Ben Otto
UAC Energy Holdings has divested its 20% stake in Australia-based Infigen Energy, accepting into a takeover offer by Spain's Iberdrola SA.
The company sold Infigen Energy stapled securities at the takeover offer price of 0.92 Australian dollars (US$0.67) apiece, UAC Energy's majority owner, Manila-based AC Energy, said in a stock exchange filing Thursday.
UAC Energy had acquired the stake earlier this year as it sought to build a position in Infigen Energy, paying an average of about A$0.794 per stapled security, AC Energy said. UAC Energy had submitted a takeover offer for Infigen Energy but failed to secure control of the company amid the rival offer from Iberdrola.
Iberdrola last week achieved 75% ownership of Infigen Energy, allowing it to move toward a delisting of the company, AC Energy said.
"With the potential delisting of Infigen, AC Energy has decided to divest its stake in the company," said Patrice Clausse, chief operating officer for AC Energy International. "Meanwhile AC Energy remains committed to invest in Australia as it moves to ramping up construction of its 720MW New England Solar Farm in the coming months."
AC Energy is the energy arm of Philippine conglomerate Ayala Corp. UAC Energy is the unit's majority-owned joint venture with UPC Renewables Australia.
Write to Ben Otto at email@example.com