J-Power wins approval for A$381m Genex buyout

Japan’s Electric Power Development (J-Power) has secured approval for its A$381 million ($257.56 million) buyout of Australia’s Genex Power through proxy votes, Genex announced on Tuesday.

J-Power, which already owns 7.7 per cent of Genex, offered 27.5 Australian cents per share. The bid received 83.54 per cent of proxy votes, surpassing the 75 per cent threshold needed for the deal to proceed, with the final vote result expected later on Tuesday.

J-Power, known for its coal-fired and hydroelectric power plants, had enhanced its 2030 emission reduction target by 1.3 million tons from 2013 levels.

It is also involved in Genex’s Kidston wind and Bulli Creek clean energy projects in Queensland. The offer, representing a 48.5 per cent premium to Genex’s share price in early March, was initially set at 24 Australian cents per share before being raised.

Genex’s largest shareholder, Skip Capital, founded by Atlassian co-founder Scott Farquhar and holding 19.9 per cent of Genex, supported the bid.