AGL takes 75% stake in APG

AGL Energy (AGK) has voting power of more than 75% in Australian Power and Gas Company (APK), after the consumer watchdog gave the green light to the takeover.

In a statement to the Australian Securities Exchange, AGL said it had received additional acceptances for around 32% of APG shares, including from the target's major shareholders and directors.

AGL has declared its takeover offer free from all defeating conditions.

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