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

 

Panel Approves Exemptions For Contact Takeover

Panel Approves Exemptions For Contact Takeover

The Takeovers Panel has approved several exemptions for Origin Energy New Zealand Limited.

The exemptions relate to Origin’s intended acquisition of the controlling interest in Contact Energy Limited currently held by subsidiaries of Edison Mission Energy.

The exemptions have been approved subject to a number of conditions including a requirement that Origin make a related takeover offer to all the minority shareholders of Contact Energy.

The principal exemption will enable Origin to acquire Edison Mission’s controlling interest in Contact Energy at an upstream or holding company level, rather than at the direct Contact Energy shareholder level. The conditions of that exemption include:

certification by an independent adviser approved by the Panel; and

appropriate certification of equivalence by the directors of Origin and of Mission Energy.

These certifications are intended to ensure that the consideration being paid by Origin to Edison Mission for its controlling interest in Contact Energy is the same as the consideration that will be offered by Origin to Contact Energy shareholders under the takeover offer required to be made by Origin.

Another exemption enables Origin to become the controller of 100% of the voting rights in Mission Contact Finance Limited at the same time that it obtains Edison Mission’s controlling interest in Contact Energy.

The exemptions will be granted by the Panel after various procedural steps, including drafting of an exemption notice by Parliamentary Counsel Office, are completed.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Elsewhere:


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>