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Australia

Share prices rise in Pacific Hydro following reports of takeover

Share prices in one of Australia's leading renewable energy developers, Pacific Hydro, increased around 5% following reports the company looks set to be taken over in a deal worth about A$800 million (US$606 million). The firm behind the 180 MW Portland Wind Energy Project in Victoria has been approached by 15 companies from around the world, including Spain's Energía Hidroeléctrica de Navarra (EHN), which confirmed its intention to bid for the company last month. In December, Pacific Hydro's Jeff Harding announced the company is considering the offers on the table and hopes to complete a sale by the end of February. "We expect to shortlist companies to undertake due diligence in the next few weeks," adds the company's Clare Laffan.

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