AAP Finance

Iberdrola gets approval for Infigen offer

By AAP Newswire

Australia's Foreign Investment Review Board has approved Spanish utility Iberdrola's $864 million takeover offer for ASX-listed wind farm operator Infigen.

The board of Infigen has recommended shareholders accept Iberdrola's off-market, 89 cent per share offer.

UAC Energy, owned by Philippine conglomerate Ayala Corporation's AC Energy and the Hong Kong-based UPC Renewables Group, has also received FIRB approval for its 86-cent-per-share bid.

Iberdrola wants the acquisition to add to its wind power portfolio, the world's largest.

Infigen operates five wind farms across Australia capable of generating a total of 670 megawatts of energy.

At 1352 AEST, Infigen shares were flat at 92 cents per share.