Spain’s Iberdrola secures 98.25 per cent stake in Australian Infigen

Spain’s Iberdrola has secured a 98.25 per cent stake in Australian wind and solar firm Infigen share capital through a public takeover offer.

Reportedly, Philippine conglomerate Ayala was the first bidder for the renewable energy company back at the beginning of June in an offer that valued the company at about A$777 million ($551.98 million). Infigen’s independent directors had urged minority investors to accept Iberdrola’s takeover offer a few days after the company had reported a steep profit decline and suspended dividends indefinitely.

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