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Ex-union boss leads fight to keep PacHydro Australian.(Industry Funds Management Proprietary Ltd.)(Pacific Hydro Ltd.)(Brief Article)
Australasian Business Intelligence, April, 2005 by Beveridge, John
Apr 19, 2005 (The Courier-Mail - ABIX via COMTEX)
Industry Funds Management (IFM) has announced a takeover bid for Australian-listed renewable energy group Pacific Hydro. The offer of $A4.60 per share values Pacific Hydro at $A725m, and has received the support of Pacific Hydro directors. Spain-based Acciona had previously offered $A4.50 a share, but IFM's existing 31.6 per cent stake in Pacific Hydro has blocked that bid. IFM's takeover offer requires 50 per cent acceptances, compared with 90 per cent for the Acciona bid. IFM's acquisition of Pacific Hydro will be financed by a number of industry superannuation funds.
Publication Date: 20 April 2005
PACIFIC HYDRO LIMITED - ASX PHY:
INDUSTRY FUNDS MANAGEMENT PTY LTD:
ACCIONA SA:...
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