AGL Energy Limited
(ASX:AGK) has scored the green light to buy New South Wales power producer Macquarie Generation for $1.5 billion.
The energy giant has received approval from Australia’s Competition Tribunal after Australia’s competition regulator rejected the bid in March.
The latest ruling overturns the Australian Competition and Consumer Commission’s (ACCC) decision to try and block the power asset sale.
AGL’s Managing Director Michael Fraser says the Tribunal’s decision vindicates the company’s views.
The ACCC continues to maintain competition concerns over power consolidation and has 28 days to appeal against the decision.
Shares in AGL Energy slipped 0.07 per cent to close at $15.18 ahead of the announcement.
AGL Energy reported a net profit of $261 million in the first half of the 2014 financial year.
