Gas deadline approaches
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Tuesday, 11 July, 2000 - 22:00
WESFARMERS, Australian Gas Light and Utilcorp United have until July 28 to lodge their final bids for Alinta Gas.
The three companies are in the running to become the cornerstone investor.
The cornerstone investor, due to be announced in August, will take a 45 per cent holding in the gas utility.
CMS Energy was cut from a four company shortlist in May.
WA’s Wesfarmers appears to be leding the field in the bid for the utility.
However, AGL and the US-based energy group Utilcorp are likely to mount strong claims.
The remaining 55 per cent of Alinta Gas will be sold to the public via an initial public offer.
The WA Government is keen to have Alinta Gas listed on the Australian Stock Exchange in October.
Advertising the public offer will start on July 31 and Western Australians will have until August 18 to pre-register.
Alinta Gas was split from the former State Energy Commission and established as a separate and fully-corporatised business in 1995.
It remained Government-owned but operated with a private board.
WA’s gas market is due for total deregulation by 2002 with open competition down to household level.
The three companies are in the running to become the cornerstone investor.
The cornerstone investor, due to be announced in August, will take a 45 per cent holding in the gas utility.
CMS Energy was cut from a four company shortlist in May.
WA’s Wesfarmers appears to be leding the field in the bid for the utility.
However, AGL and the US-based energy group Utilcorp are likely to mount strong claims.
The remaining 55 per cent of Alinta Gas will be sold to the public via an initial public offer.
The WA Government is keen to have Alinta Gas listed on the Australian Stock Exchange in October.
Advertising the public offer will start on July 31 and Western Australians will have until August 18 to pre-register.
Alinta Gas was split from the former State Energy Commission and established as a separate and fully-corporatised business in 1995.
It remained Government-owned but operated with a private board.
WA’s gas market is due for total deregulation by 2002 with open competition down to household level.