Macquarie Bank said yesterday it had no intention of backing the management buyout (MBO) of Western Australian energy utility Alinta without the agreement of the firm's independent directors.
In a statement to the Australian Stock Exchange (ASX) Australia's biggest investment bank - and former adviser to Alinta - sought to clarify its position regarding the true nature of its relationship with the power firm.
Macquarie Bank said it had acted "carefully and appropriately" to manage potential conflicts of interest and in its dealings with Alinta's independent directors.
Speaking about the MBO the ASX statement said: "Macquarie has always believed, and continues to believe, that the potential conflicts of interest are capable of being appropriately managed with the informed consent of the Alinta independent directors. Until protocols have been agreed between the two parties, Macquarie will not have a role."
Alinta terminated all future advisory roles with Macquarie Bank last Tuesday after concerns were raised over potential conflicts of interest arising from the MBO.
It is widely believed that Macquarie Bank is lining up to back former Alinta chief executive Bob Browning and former Alinta chairman John Poynton in the multi billion dollar deal.
Browning and Poynton resigned from Alinta two weeks ago after their involvement with the MBO was made public.
Macquarie Bank's statement clarifying its position came on the same day that it emerged Australia's second biggest investment bank, Babcock & Brown, were considering a bid for Alinta.
Infrastructure funds Spark Infrastructure and SP AusNet have also been touted as potential bidders for Alinta's assets.
