AGL increases hold on APG

Energy giant further lifts voting power in takeover target.

AGL Energy (AGK) has further strengthened its voting power in Australian Power & Gas (APK) after taking its offer for the smaller power company on-market.

In a statement to the Australian Securities Exchange, the energy player said it had now lifted its voting power to 84.37% following its 52 cents per share on-market offer.

The company has moved swiftly following the Australian Competition and Consumer Commission's approval of the takeover, increasing its stake in APG to 75% last week and then 81% prior to today's announcement.

AGL this week exercised its majority voting rights to install three senior AGL executives on APG's board, including its chief financial officer Brett Redman, company secretary Paul McWilliams and head of capital markets John Hobson.

APG's chief executive officer James Myatt also stepped down, with chief financial officer Warren Kember now acting as interim CEO.