NGC eyes gas assets of rival

Natural Gas Corporation is seeking Commerce Commission approval to buy the natural gas network of UnitedNetworks.

UnitedNetworks announced last month that it was seeking a buyer for its shares or assets because majority shareholder Aquila wants to quit the firm.

NGC said UnitedNetworks' gas network assets aligned well with NGC's existing core activities. "However, NGC is still to determine the extent to which it will participate in the sale process".

NGC chief financial officer Kevin Baker said the application was routine.

"In the event that we do put a bid in for those assets, it's something we'll require. We couldn't put a bid in at all if we didn't start progressing on Commerce Commission clearance, it's something you have to go through if you want to put in a bid at all," Baker said.

- NZPA