This follows the Federal Court decision of December 19, 2003, which found that AGL's proposed acquisition of a minority interest in Loy Yang A was not in breach of the Trade Practices Act.
"AGL and GEAC are very pleased with this outcome including today's announcement by the Australian Competition and Consumer Commission (ACCC) that they will not appeal the Court judgement," AGL managing director Greg Martin said.
AGL and GEAC have provided a further undertaking to the ACCC relating to monitoring of compliance with the Court lodged Undertaking, consistent with the Federal Court decision.
"We are now moving to complete the acquisition of Loy Yang A by expeditiously satisfying the remaining significant conditions precedent relating to Loy Yang A's financier approvals and Victorian stamp duty," Martin concluded.
GEAC was formed at the beginning of 2003 by AGL, TEPCO and a group of financial investors led by the Commonwealth Bank to acquire Loy Yang A. EnergyReview.net
