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

 


Benefits To Auckland Of Vector Takeover


Benefits To Auckland Of Vector Takeover Of Ngc Need Spelling Out?

How Vector’s takeover of Australian-owned NGC gas distribution company will benefit vector customers and the Auckland economy need to be spelt out.

Michael Barnett, CEO of the Auckland Chamber of Commerce, was responding to today’s confirmation that publicly-owned Vector is paying Australian Gas and Light $3 a share for two thirds of NGC in a deal worth nearly $877 million.

Today’s announcement is unclear as to whether the Vector takeover has the unanimous support of the Auckland Electricity Consumer Trust (AECT) which owns Vector.

Clearly there is an attractive cash return indicated to Vector customers, said Mr Barnett.

However, he noted that like the region’s port companies, Vector is a critical strategic asset that underpins the Auckland and New Zealand economy.

He believes it is fair to ask the AECT/Vector members to now disclose what consideration they gave to the $877 million being invested in other options with a potential similar or better long-term return.

Clearly, with electricity supply emerging as a major concern and Auckland’s economy continuing to grow at a fast pace, an obvious option for AECT/Vector was to focus its expansion plans on helping to meet the demand for new generation capacity and secure a strengthened distribution network.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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