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Philippines' Ayala Fights To Take Over Australia's Infigen Energy - Nikkei Asian Review

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MANILA -- Philippine conglomerate Ayala Corp. and Spanish utility giant Iberdrola entered a bidding war on Monday for Australian renewable power purveyor Infigen Energy. Ayala improved its offer by declaring that its AUD$0.86 per share bid was now "wholly unconditional," prompting Iberdrola to raise its bid to AUD$0.89 a share, slightly above the AUD$0.885 closing price on Friday. Iberdrola's offer values Infigen at AUD$856.3 million ($588 million), according to Reuters. Ayala's move came after Infigen's management rejected its initial offer of AUD$0.80 and endorsed Iberdrola's AUD$0.86 bid, which it called "less conditional."

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