Vector takes control of UnitedNetworks

By CHRIS DANIELS

Vector's takeover of its neighbouring lines company UnitedNetworks has become unconditional.

US energy giant Aquila was yesterday given banking approval to sell its 70 per cent stake, so Vector now has control of more than 76 per cent of the company, acquired during its takeover offer of $9.90 per UnitedNetworks share.

UnitedNetworks chief executive Dan Warnock said he would stay with the company for as long as Vector needed him, which he expected may be until December.

Vector chief executive Dr Patrick Strange and chairman Michael Stiassny, with director Wayne Boyd, have been appointed to the board of UnitedNetworks.

The North Shore, Waitakere City and Rodney District councils are expected to announce on Tuesday their decision on whether to sell their $160 million, 10.7 per cent shareholding.

Vector chief executive Dr Patrick Strange said shareholders who had already returned their acceptance forms would be sent payments within seven days.

Other shareholders who have yet to send in acceptance forms would have payment sent within seven days of their forms being received by Vector.

Vector said yesterday that it understood the UnitedNetworks Employee Share Scheme, which holds 1.7 per cent of the company, intended to accept the takeover offer.

Vector's takeover offer is due to close on October 23.