AGL Challenges Rejection Of $1.35B Macquarie Bid

Law360, New York (March 24, 2014, 2:24 PM EDT) -- AGL Energy Ltd. said Monday that it had appealed to the Australian Competition Tribunal in an effort to challenge the Australian Competition & Consumer Commission's rejection of its AU$1.51 billion ($1.35 billion) bid to acquire Macquarie Generation.

After AGL formally announced its intent to purchase state-owned Macquarie on Feb. 12, the ACCC opposed the transaction earlier this month, saying it had determined the deal would likely suppress competition in the retail electricity market in New South Wales. On Monday, AGL disputed the ACCC's decision, and said...
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