KEY POINTS:
The bidder for Contact Energy's majority owner expects to make an announcement about Contact in conjunction with the Takeovers Panel, after receiving a ruling this week.
Britain's BG Group is launching a A$12.9 billion ($15.7 billion) takeover for Origin, Australia's second-biggest electricity and gas retailer and 51 per cent owner of Contact.
Questions have been raised about what BG Group planned to do with Origin's stake in Contact Energy.
Buying Origin's stake would trigger a full takeover for New Zealand's second-largest listed company.
Most analysts agreed BG, a giant LNG operator valued at US$86.5 billion ($111.84 billion), was only interested in Origin's gas and coal seam assets and might sell the stake in Contact.
BG's bid was subject to approval from Australian regulators, as well as New Zealand's Energy Minister, David Parker, the Takeovers Panel and Overseas Investment Office.
"BG has made a confidential submission to the NZ panel. BG Group notes that it received yesterday a ruling from the NZ panel concerning Contact Energy which will be the subject of a separate announcement to be agreed with the NZ panel," the group told the Australian stock exchange.
Contact Energy shares lost 1c to close at $9.02.
- NZPA
