ENERGY Development Corp. (EDC) is not engaged in discussions over Indonesia’s PT Barito Renewables Energy’s (BREN) $5-billion proposal to acquire the geothermal producer, although the unsolicited offer has not been dismissed, an EDC executive told BusinessWorld.
EDC President and Chief Operating Officer said the company would not simply disregard any offer, but clarified that no formal talks have taken place regarding the proposal from BREN, a subsidiary of the Barito Pacific Group. The statement comes amid market speculation about a potential acquisition of the Lopez-led firm.
BREN’s unsolicited bid, first reported in June, values EDC at about $5 billion. EDC operates geothermal, wind, and solar facilities across the Philippines. The company’s shares rose on the news, but analysts remain cautious pending further developments.