Australia green lights J-POWER acquisition of Genex

Regulators said conditions for the takeover were fulfilled. 

The Foreign Investment Review Board (FIRB) has approved the proposed acquisition by JPGA Partners Pty Ltd (J-POWER Nominee), which is a subsidiary of  Electric Power Development Co’s (J-POWER), of all shares issued by Genex Power Limited, the Australia-based company announced. 

In a bourse filing, Genex said it was advised by J-POWER about the written notice under the Foreign Acquisitions and Takeovers Act 1975, “advising that the Commonwealth has no objections to the transaction.”

FIRB said J-POWER Nominee was able to satisfy the scheme condition of the Transaction Implementation Deed. 

Regulators also said J-POWER Nominee has notified Genex that the takeover condition of the Transaction Booklet has been fulfilled, thus the takeover offer and any takeover contract arising from the acceptance of the offer is now free of the FIRB’s takeover offer condition. 

J-POWER announced the acquisition earlier this year to make the renewable energy and energy storage developers its subsidiary.

Genex said the implementation of the scheme, and the takeover offer remain subject to the satisfaction of other conditions, such as shareholder approval at the scheme meeting and court approval, and the scheme not being approved by the Genex shareholders at the Scheme meeting, or by the court, and the 50.1% minimum acceptance takeover condition.