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AGL Energy Limited (ASX:AGK) has increased its stake in takeover target Australian Power and Gas Company Limited (ASX:APK) for the second time this week, edging closer to the compulsory acquisition threshold of 90 per cent.
The energy giant has lifted its stake a further 3.52 per cent to 87.89 per cent.
AGL moved swiftly following the ACCC’s approval of the takeover, lifting its voting power in the second-tier energy player to 75 per cent last week, and again to 84.37 per cent yesterday after taking its 52 cents per share offer on-market.
The group exercised its majority voting rights this week to install three of its senior executives on APG's board.
APG's chief executive officer James Myatt has also stepped down, with chief financial officer Warren Kember acting as interim CEO.
AGL generated a net profit of $389 million in fiscal 2013.