The Australian Federal Court has approved the acquisition of Perth, Australia-based energy infrastructure company Alinta by a consortium consisting of Babcock & Brown and Singapore Power. The announcement follows the approval of the company's shareholders and option-holders on August 15, 2007.
Following the regulatory approval, Alinta lodged a copy of the court order approving the acquisition with the Australian securities and investments commission, after which the takeover became legally effective. As a result, the company’s shares have ceased trading on the Australian Securities Exchange.
Alinta said that the buyout will become official on August 31, 2007, and that dispatch of the consideration of approximately A$15.46 per Alinta share, which is made up of both a cash and a scrip component, will begin as soon as possible after this date.
Phil Green, chief executive of Babcock & Brown, said: We are pleased to have secured the final approvals required in the scheme process and look forward to completing the transaction on August 31 and commencing the task of integrating the assets Babcock & Brown Infrastructure and Babcock & Brown Power have acquired and delivering on the significant benefits we have identified through the process.