News: AGL takes majority stake in APG

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AGL Energy Limited (ASX:AGK) has voting power of more than 75 per cent in Australian Power and Gas Company Limited (ASX:APK) after the consumer watchdog gave the the takeover its tick of approval.

 

AGL says it’s received additional acceptances for around 32 per cent of APG shares, including from the target's major shareholders and directors.

 

AGL has declared its takeover offer free from all defeating conditions.

 

Yesterday the ACCC said the acquisition was unlikely to substantially lessen competition in Victoria's energy sector.

 

AGL generated a net profit of $388.7 million in fiscal 2013.