IFM takes Acciona stake in PacHydro, moves to 77%

SPANISH company Acciona yesterday formally accepted IFM Renewable Energys $5 per share offer for Pacific Hydro, agreeing to sell all of its stake in the green energy company to IFM. This increases IFMs interest in Pacific Hydro to more than 77%.

06 July 2005
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Steve Rotherham

IFM said yesterday its offer was scheduled to close this Friday July 8 at 5pm (AEST) and it urged all Pacific Hydro shareholders to accept the offer now.

“Shareholders should note that if IFM has a relevant interest in less than 90% when the takeover bid closes, the Pacific Hydro share price may fall below $5.00,” the company said.

But having declared its bid unconditional, IFM cannot withdraw that offer.

IFM has said it wanted at least 90% of the issued Pacific Hydro shares so it can proceed with compulsory acquisition. So if it falls short of the 90% mark by close of business on Friday, IFM may be forced to extend the offer.

IFM has said it planned to accelerate development of several Pacific Hydro projects.