Wednesday 16th July 2008
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The joint bid by Cheung Kong and Hong Kong Electricity Network does not trigger the same national interest tests that resulted in the scuppering of Canada Pension Plan Investment Board's offer for Auckland International Airport, Finance Minister Michael Cullen said in a statement.
The NZ$785 million deal would give the Hong Kong companies control of the network that supplies the Wellington region. Vector bought the network from US-based Aquila in 2002 and it was previously owned by Canada's TransAlta Corp.
Vector's shareholders approved the plan on June 16. The settlement date is expected to be about July 24, Vector said today. Shares of the company have dropped about 10% this year, less than half the NZX 50 Index's decline.
Chief executive Simon Mackenzie said in April that his company would use the funds to pay debt and may seek new infrastructure investments.
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