Genex‘s investors back J-Power takeover in Australia

According to The Australian Financial Review, shareholders in Genex Power have given a resounding all-clear for the $380 million takeover of the company by J-Power, sending the country’s only listed pure-play renewables developer into Japanese hands.
Almost 95 per cent of votes cast by Genex shareholders were in favour of the 27.5¢-a-share scheme offer, comfortably beating the 75 per cent minimum required.
J-Power, known formally as Electric Power Development Co., is one of Japan’s largest energy utilities and already holds about 14.6 per cent of Queensland-based Genex under an off-market takeover offer it was running in parallel with the scheme of arrangement process.
Genex’s biggest project is the 250-megawatt, eight-hour Kidston pumped hydro storage venture being built at the site of an old gold mine near Townsville at a cost of $777 million.
The Tokyo-based firm is also a partner in two projects with Genex, a 258 MW wind farm expansion at the Kidston site near Townsville and the 2-gigawatt Bulli Creek battery and solar project west of Toowoomba.

https://www.afr.com/companies/energy/genex-to-depart-asx-after-investors-back-j-power-takeover-20240715-p5jtvy