Australian Gas, Alinta Complete Asset Swap Agreement

June 1 (Bloomberg) -- Australian Gas Light Co. and Alinta Ltd. said they completed an agreement on a A$6.45 billion ($4.8 billion) asset and debt swap to end a two-month battle for dominance in Australia's natural gas and power markets.
Alinta will buy the pipeline and asset management business of Australian Gas, whose shareholders will in return get 54 percent of Perth-based Alinta's stock, the companies said in a joint statement today, confirming an initial accord on April 26. Australian Gas will get 33 percent of Alinta's retail business and an option to buy the rest over five years.
The agreement makes Alinta the nation's biggest gas and electricity network owner, while Australian Gas extends its lead in energy retailing. The companies expect to hold shareholder meetings in early to mid-September to approve the agreement, while court approvals are expected in early October, they said in the statement, which was filed with the Australian Stock Exchange.
Shares in Sydney-based Australian Gas, the nation's biggest energy utility, rose as much as 77 cents, or 4.6 percent, to A$17.47 on the exchange. They were at A$17.21 at 12:40 p.m. Sydney time. Shares in Alinta, Western Australia's biggest gas retailer, rose as much as 15 cents, or 1.5 percent, to A$10.50. They were at A$10.39 at the same time.
Full details of the transaction may be filed with the Australian Stock Exchange later today, said Jane Counsel, a spokeswoman at Sydney-based Australian Gas.