Contact Energy Interest In Eme’s Australian Assets

Tuesday, 30 March 2004, 11:45 am
Press Release: Contact Energy

Earlier this year Contact Energy announced that it was interested in potential acquisition opportunities that might flow from Edison Mission Energy’s planned divestment of its Australian interests.

Commenting at the time, Contact’s Chairman Mr Phil Pryke said "we see a prospect that EME's wider divestment process may create an opportunity to further Contact's goal of building an integrated energy business in Australasia."

He also noted that any major acquisition of EME assets would require approval by minority shareholders.

After reviewing EME’s proposed sale process the independent directors of Contact have decided that the company will not seek to participate as a bidder in EME’s process at this time.

A factor in the Directors’ decision is the realisation that Contact’s formal participation as a bidder for EME’s Australian assets, while EME itself is seeking to sell its interest in Contact, introduces a range of complex issues from a process perspective.

The independent directors believe these complexities could detract from the desire to see a swift and orderly resolution to the current level of ownership uncertainty around the company .

Contact continues to have a positive view about growth in Australia and will continue to review potential acquisition opportunities that fit its strategy of building an integrated energy business.

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