KEY POINTS:
MELBOURNE - Macquarie Bank Ltd is considering a last-minute deal with AGL Energy Ltd to carve-up energy utility Alinta Ltd's assets, to help it finalise a revised offer for Alinta, the Australian Financial Review reported on Friday.
The paper quoted sources close to the bid saying the AGL deal meant Macquarie might finally be able to lodge a rival bid for Alinta, which has recommended a A$7.4 billion ($8.4 billion) bid from Babcock & Brown.
Macquarie would sell to AGL the two-thirds of the AlintaAGL power retailing business AGL does not already own in exchange for AGL agreeing to sell to Macquarie its interests in several Alinta generators, the AFR said.
Macquarie may be planning to use the proceeds of the AGL deal, which could be about A$400 million, to fund a cash return to Alinta shareholders as part of its sweetened offer, the newspaper said.
Alinta's board rejected the original Macquarie proposal because it involved a mix of cash and shares in an untested vehicle.
- REUTERS
