Analyst Wrap, 28 May 2005

IT looks as if Pacific Hydro will remain in Australian hands. The renewable company's independent directors are recommending shareholders reject Spanish corporation Acciona's offer of $4.90 per share, which is 10 cents lower than the $5.00 cash per share offer made by Australian group, Industry Funds Management (IFM).

Analyst Wrap, 28 May 2005 Analyst Wrap, 28 May 2005 Analyst Wrap, 28 May 2005 Analyst Wrap, 28 May 2005 Analyst Wrap, 28 May 2005

The company's independent directors – all directors other than IFM nominees – recommended that shareholders accept IFM's offer, in the absence of a superior proposal.

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