Alinta's APT stake left firmly in doubt -

A decision by the Australian acquisitions regulator has cast doubt over whether gas group Alinta will be able to keep its recently acquired stake in the Australian Pipeline Trust.
The Takeovers Panel made a declaration of "unacceptable circumstances" relating to the acquisition of 10.25 per cent of APT units in the period from August 14.
Panel director Nigel Morris said the panel would issue Alinta with relevant orders regarding the acquisition within the next two days.
"The panel has advised the parties of the orders that it proposes to make following the declaration of unacceptable circumstances and is currently waiting for parties' submissions on the panel's proposed orders," Mr Morris said.
The panel has not yet to posted its reasons for the declaration and is yet to indicate what its orders it will make.
However, options could include divestment of the stake.
Alinta has advised the panel that it intends to seek review of the panel's decision by a review panel.
Mr Morris said the decision was made in response to an application by APT - which has interests in some 8,000km of Australian gas pipeline - on August 21 regarding the acquisition.
In the application, APT made a declaration of unacceptable conduct against Alinta.
The acquisition has confused market-watchers, because a ruling from the Australian Competition and Consumer Commission requires Alinta to sell its APT stake if a merger with gas utility AGL Ltd is approved by shareholders.
AGL last week recommended its shareholders vote in favour of a merger with Alinta and subsequent plans to demerge the AGL energy business.
The merger would include AGL transferring its 30 per cent stake in APT to Alinta.
Last week, Alinta bought units in a $200 million placement by APT to help fund its $452 million acquisition of GasNet Australia Group.
The new shares Alinta purchased in the issue effectively keep its stake in APT at around 10.25 per cent.
© 2006 AAP