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


ContactOrigin Merger Proposal – Progress Update

10 May 2006

ContactOrigin Merger Proposal – Progress Update

Contact Energy and Origin Energy advise that good progress is being made with the relevant regulatory authorities in New Zealand and Australia in working through the various approvals, exemptions and waivers required for the ContactOrigin merger proposal to proceed.

In-principle approvals for the various exemptions, waivers, and approvals sought by Contact Energy and Origin Energy have been received from:

- The New Zealand Takeovers Panel
- The Australian Securities and Investment Commission; and
- The Australian Stock Exchange.

Approval has also been obtained from the Foreign Investment Review Board in Australia.

In addition, the companies are progressing the process for approvals and waivers from the NZX and the New Zealand Overseas Investment Office.

Full detail of approvals, exemptions and waivers will be made available once they are finalised.

A revised indicative timetable for the merger proposal is:

- Explanatory memorandum mailed to shareholders by early July 2006;

- Contact Energy and Origin Energy shareholder meetings by early August 2006;

- Completion of transaction by end August 2006.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Gita Hits NZ: 'It Was Literally Like A Wall Of Water'

"We were looking at the river at 80 cubic metres at about 4pm thinking it was amazing that we'd dodged the bullet ... an hour and a half later it was 600 cubic metres, and it just kept going up to 900 from there." More>>


America's Cup: Another Day, Another Cup Village Plan

A fourth option modelling what an America's Cup Village in Auckland might look like has arrived today as a planning deadline nears with no agreement in sight.More>>

Closing Or Selling Regionals: Fairfax Starts NZ Endgame

Fairfax Media Group will close or sell 35 percent of its New Zealand print titles as the Australian group pursues a digital strategy for the kiwi unit, now rebranded Stuff. More>>

Fletcher Building: Norris Steps Down As Chair After New $486M Loss Provision

Ralph Norris will step down as chairman of Fletcher Building after the company took a further $486 million provision for project losses at its Building + Interiors unit and said 14 of the unit's 73 projects, worth $2.3 billion, are loss-making or 'on watch'. More>>


WWF: Concerns With Suggestion To “Scrap” Fishing Monitoring

“Our Pacific neighbours, like Fiji and the Solomon Islands, are making this work with far less economic resources than New Zealand. There’s no reason the government can’t get this done by October.” More>>


Stink one!: Stink Bug Invasion Could Cost NZ Billions

An invasion of the brown marmorated stink bug - the pest discovered recently in three Japanese car shipments - would devastate New Zealand's fruit, vegetable and wine industries, destroying more than $4 billion of export value and costing thousands ... More>>