Energy utility Alinta and Sydney rival Australian Gas Light have agreed to split their assets to create separate energy and infrastructure groups in a $6.8 billion merger deal signed this week. Alinta is set to become Australia’s biggest infrastructure business, with $14 billion in assests under management after selling 33 per cent of its WA retail and co-generational business to AGL for $367 million, to be negotiated depending on performance. In return, AGL has sold off its infrastructure assets to Alinta for $6.45 billion, including a debt of $3 billion, effectively doubling the size of Alinta. Alinta’s current shareholders will own 54 per cent of Alinta while AGL shareholders will hold the other 46 per cent. The deal ends a stalemate between the two after AGL launched hostile bids, announcing its planned takeover was a "true merger" of the companies, while Alinta responded by saying the bid was unacceptable and an insult.
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02/05/2006 - 22:00
Alinta powered up after merger
02/05/2006 - 22:00
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Utilities and Public Infrastructure
Rank Company # 3rd Synergy 1,174,588 4th ATCO Australia 800,000 5th Alinta Energy 430,048 6th Kleenheat 218,798 7th AGL Energy 85,967 43 utilities and public infrastructure ranked by number of WA customers/clients
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