Australia’s Pacific Energy suitor matches rival’s $320 million bid

Sept 13 () – Australian power producer Pacific Energy Ltd said on Friday that suitor QIC Private Capital had raised its initial bid to match a rival consortium’s recent offer for the company. In the sweetened offer, a unit of QIC proposed to pay A$1.085 per Pacific share, Pacific said in a statement. That values the company at about A$466.7 million ($320.9 million), The offer matches what a consortium comprising Australian fund manager Infrastructure Capital Group and Canada’s OPTrust offered to pay for Pacific earlier this week. (Reporting by Rashmi Ashok in Bengaluru; Editing by Mark Potter)Our Standards:The Thomson Trust Principles.