Takeovers Panel's Reasons for Declining Vector Exemption


19 November 2004

The Takeovers Panel recently declined an exemption for Vector Limited and The Australian Gas Light Company relating to a proposed acquisition of all the shares in NGC Holdings Limited.

Today the Panel has released a detailed statement of reasons for declining the exemption application in respect of that transaction.

The exemption declined was not related to the takeover offer announced earlier today.

The statement of reasons is being released to the public as part of the Panel's function to promote public understanding of takeovers law and practice.

The full text of the Panel's statement of reasons is on the Panel's website at www.takeovers.govt.nz