IFM wins battle for Pac Hydro

ACCIONA has agreed to sell its stake in renewable energy company and takeover target Pacific Hydro to Industry Funds Management (IFM).
IFM wins battle for Pac Hydro IFM wins battle for Pac Hydro IFM wins battle for Pac Hydro IFM wins battle for Pac Hydro IFM wins battle for Pac Hydro

Acciona owns 15.7% of Pacific Hydro, bought from AEP Investments at $4.90 a share.

In a statement to the ASX this morning, Acciona has said it will now sell its Pacific Hydro shares to IFM.

Selling into IFM's $5.00 a share bid will allow Acciona to take a $2.4 million profit.

It will also give IFM a 50.8% stake in Pacific Hydro.

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