Origin Energy Limited
(ASX:ORG) is set for a cash windfall following an announcement from New Zealand firm Contact Energy Limited (NZE:CEN).
Contact has just completed a review of its growth strategy and concluded there are no suitable takeover targets at the moment.
Therefore Contact has decided to revise its distribution policy and pay out $367 million in special dividends next month.
All shareholders will received a 50 cents per share special dividend on 23 June.
Origin Energy owns 53 per cent of Contact shares and looks set to reap close to $200 million.
Origin Energy reported a net profit of $1 million for the first half of the 2015 financial year.
