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Australia's Pacific Energy backs $293 million takeover from fund manager

(Reuters) - Australian electricity generator Pacific Energy PEA.AX on Wednesday recommended a A$419.3 million ($293.3 million) takeover offer from fund manager QIC Private Capital.

QIC offered A$0.975 for each Pacific share, the company said in a statement. The figure represents a 35% premium to Pacific’s last close.

($1 = 1.4298 Australian dollars)

Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin

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