The DominionPost reports Powerco chairman Barry Upson as saying leaked information from the council showed it had been thinking of selling its stake as early as last December, whereas the council said in April that it had essentially been forced to announce a possible sale because of the merger rumours.
Upson has also confirmed what EnergyReview.Net reported in August - that Powerco and its shareholders should have done better if the council had left the company to proceed with its own expansion-merger plans.
He said the April announcement by the council and two local trusts scuttled merger negotiations with NGC and left the way open for Auckland networks company Vector to successfully bid for AGL’s stake in NGC.
Upson also criticised those major shareholders for not having discussions with Powerco management about Powerco's growth opportunities and prospects before putting their stakes up for sale by tender.
He also said that “reading between the lines” of the auditor-general's report, NPDC management manipulated councillors into a decision to sell.
Brisbane-based Prime Infrastructure completed its troubled takeover of Powerco earlier this week, with a flurry of last-minute acceptances of its NZ$2.15 a share offer pushing the total over the 90% required for compulsory acquisition.
