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

 


Sale Of Contact Stake To Origin Energy Announced

Edison Mission Energy Announces Sale Of Contact Stake To Origin Energy

Edison Mission Energy (EME) announced earlier today that it had entered into an agreement to sell its 51.2 percent holding in Contact Energy Limited to Origin Energy Limited for NZ$5.67 per share, or total consideration of NZ$1,674.7 million, which includes the assumption of NZ$535 million of indebtedness in relation to the financing of EME’s shareholding in Contact.

In its announcement, EME stated that the finalisation of the Contact Energy transaction is subject to a limited number of conditions, including action by the New Zealand Takeovers Panel. EME stated that completion of the sale is expected to occur in the third or fourth quarter of 2004.

Contact anticipates that it will receive a notice of takeover offer from Origin, pursuant to the New Zealand Takeovers Code.

Contact will respond to the takeover offer in accordance with the Takeovers Code, and will be providing a Target Company Statement to all shareholders. Contact’s response will be overseen by the independent directors of the company, who are Mr Phil Pryke (Chair), Mr John Milne, Mr Tim Saunders and Dr Patrick Strange.

The company expects to shortly engage an Independent Adviser, as required under the Takeovers Code. Cameron and Company Ltd has also been retained to act as financial adviser to the independent directors.

Contact will make further announcements as information becomes available.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

ALSO:

Half A Billion Accounts: 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>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news