AGL Energy (AGK) has increased its stake in takeover target Australian Power & Gas (APK) for the second time this week, edging closer to the compulsory acquisition threshold of 90%.
In a statement to the Australian Securities Exchange, the energy giant noted it had lifted its stake a further 3.52% to 87.89%.
AGL has moved swiftly following the Australian Competition and Consumer Commission's approval of the takeover, lifting its voting power in the second-tier energy player to 75% last week, and again to 84.37% yesterday after taking its 52 cents per share offer on-market.
The group exercised its majority voting rights this week to install three of its senior executives on APG's board, including chief financial officer Brett Redman, company secretary Paul McWilliams and head of capital markets John Hobson.
APG's chief executive officer James Myatt has also stepped down, with chief financial officer Warren Kember acting as interim CEO.