Philippine conglomerate Ayala Corp has made a bid worth A$777 million ($535 million) to buy Infigen Energy, pouncing on the Australian renewables company at a time when wind and solar firms are battling falling power prices.
FILE PHOTO - A fence is seen in front of wind turbines that are part of the Infigen Energy Capital Wind Farm located on the hills surrounding Lake George, near the Australian capital city of Canberra, Australia February 21, 2018. REUTERS/David Gray
Infigen’s shares soared to a four-month high of A$0.81 after the bid was announced, reflecting investors’ view a deal could go ahead.
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