AGL: Update on NGC sale
Posted: 10 December 2004
The Australian Gas Light Company (AGL) has today been informed that the New Zealand Commerce Commission has granted clearance for Vector Limited (Vector) to proceed with its proposed takeover of NGC Holdings Limited (NGC).
As a result of this clearance, Vector has advised AGL that it would now proceed with the takeover of NGC and the acquisition of AGL’s 66.05 per cent shareholding in NGC.
AGL anticipates financial close to occur by the end of next week, consistent with the schedule previously outlined to the market.
Net proceeds of approximately A$760 million are expected in line with previous announcements. The sale price of NZ$2.91 per share reflects the original sale price of NZ$3.00 per share less the dividend of NZ$0.09 per share paid by NGC subsequent to the original announcement of Sale and Purchase Agreement between AGL and Vector.
For more information see http://www.agl.com.au
Posted by Richard Price,
Editor EnergyME.com
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