Spanish company Acciona has accepted IFM Renewable Energy’s offer of $5 per share for its 15.7% interest in Pacific Hydro, effectively increasing IFM’s interest to more than 50%.
The two companies had both launched a takeover bid for Australia-based Pacific Hydro, but Acciona has now announced that it will close its offer on 28 June 2005.
‘IFM is delighted that our bid has been successful.’ said Garry Weaven, chairman of IFM. ‘The acquisition of Pacific Hydro is consistent with our investors long term approach to the infrastructure sector and investment philosophy. We are proud to be associated with the renewable energy sector and this bid also ensures that Pacific Hydro’s strategically important projects remain under Australian control.’
The Independent directors of Pacific Hydro have recommended that all shareholders accept IFM’s offer. IFM will pay shareholders who accept its offer within five business days of processing their acceptance. Unless extended, the offer is due to close on 8 July.
Pacific Hydro has more than 2000MW of hydroelectric and wind farm projects at varying stages of development across Australia, Southeast Asia and the Pacific Rim. The company recently negotiated the world’s first bank intermediated carbon credit transaction involving Certified Emission Reduction credits for two hydro projects in Fiji.
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