
PEP powers up control
At first glance, Australian private equity major Pacific Equity Partners’ (PEP) determined takeover bid for Australian renewable energy company Energy Developments (ENE) – even though it has recently expanded its shareholding to more than 50% after buying up the 32.4% stake formerly held by New Zealand utility investor Infratil, plus additional shares on the open market for A$2.75 ($2.53) per share, but without gaining control – looks paradoxical.
The bid vehicle of PEP has still not been able to get control. In reality, however, it’s more reflective of valuation uncertainties, upside and downside, among the various renewable energy firms that...
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