Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Contact Energy Interest In Eme’s Australian Assets

Contact Energy Interest In Eme’s Australian Assets

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.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news