Contact Energy's Manawa Acquisition Gets Commerce Commission Approval
Contact Energy Limited (ASX:CEN) has received the green light from the Commerce Commission of New Zealand for its proposed acquisition of Manawa Energy Limited (ASX:MNW). Rob McDonald, Chair of Contact, described this regulatory decision as a key achievement. In his view, the merging of Contact and Manawa represents a significant advancement for New Zealand’s energy transition, promising increased capacity for investment in future power generation, greater security in the energy market, and an eventual positive influence on long-term wholesale energy costs.
Back in September 2024, Contact revealed that it had formalized a Scheme Implementation Agreement (SIA) to purchase all of Manawa’s shares through a court-sanctioned Scheme of Arrangement. However, the completion of this acquisition is contingent on several outstanding conditions, which are detailed in the SIA.
These prerequisites include the receipt of an advisor’s report, which independently verifies that the acquisition price is within or exceeds the fair value range. Further conditions involve securing approvals from the High Court and Manawa’s shareholders at a dedicated meeting, alongside other standard procedural requirements.
Manawa is expected to disseminate additional information about the Scheme, along with a notification for the shareholder meeting, to its shareholders later in the current month. Contact’s current target for finalizing the Scheme implementation is July 2025.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
Contact Energy Limited (ASX:CEN) has received the green light...
Add to My Watchlist
What is My Watchlist?
