AGL lifts APG stake to 81%

Target says it will acquire shares on-market instead of off-market.

AGL Energy (AGK) has announced it will acquire shares in Australian Power and Gas Company (APK) on-market instead of off-market.

In a statement to the Australian Securities Exchange, AGL said it would pay up to 52 cents per share, the price at which it made an off-market takeover offer.

AGL now has voting power in APG of approximately 81%, after lifting it to 75% last week.

The Australian Competition and Consumer Commission said the takeover was unlikely to substantially lessen competition in Victoria's energy sector.

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