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16 December 2004 - New Zealand utility Vector now owns two-thirds of NGC Holdings after completing a NZ$851m($612m) deal with former majority shareholder Australian Gas Light. Vector paid a net NZ$2.91 a share to acquire the stake.
The Commerce Commission last week cleared the way for Vector to acquire 100 per cent of NGC.
Vector chairman Michael Stiassny said the acquisition added significant scale to Vector's infrastructure portfolio. It also ensured "another valuable infrastructure asset is back under New Zealand ownership," he said in a statement.
"NGC is a major player in the New Zealand energy sector and we look forward to working with its management to continue the growth and development of the company in the future."
Vector's offer - NZ$3.00 a share less a 9c special dividend paid by NGC - remained open until February 4.
Meanwhile, commission chairwoman Paul Rebstock said last week she was satisfied Vector's acquisition would not substantially lessen competition in the market.
The clearance came after two refusals by the Takeovers Panel to grant Vector exemptions for the deal.
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