A PYMNTS Company

Australia: ACCC halts $1.3B power plant buy

 |  March 4, 2014

The Australian Competition and Consumer Commission announced Tuesday that it has blocked the attempted buyout of state-owned power plants in the nation by AGL Energy.

AGL struck a deal to acquire th plants for $1.35 billion; reports say AGL may sue the ACCC over its decision, and some experts say that legal challenge to the ruling is likely.

The energy girl had sought to acquire two coal plants owned by Macquarie Generation; those plants, say reports, produce more than one-quarter of New South Wales’ energy. AGL’s market share of that area would have jumped to 21 percent with the buy.

The energy company declined to comment on whether it would legally challenge the ACCC’s decision.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.