AGL Energy's $1.5 billion bid to buy 100 per cent of Victoria's biggest brown-coal-fired power station may not get the smooth passage through the national competition regulator that chief executive Michael Fraser was hoping for.
The Sydney-based power and gas company yesterday said the Australian Competition & Consumer Commission had suspended its investigation into whether AGL could buy the 67.5 per cent of the Loy Yang A power station and brown-coal mine it didn't already own.
AGL would only say that the ACCC had asked for more information by April 18 -- one day before the ACCC's previous targeted decision date on the takeover.
To get the deal through, AGL is depending on the competition watchdog overturning previous undertakings from AGL that it would not increase its stake beyond the 32.5 per cent it already owned.
The Australian
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