AGL Energy Ltd (ASX:AGK) has received the thumbs up for its $130 million takeover of oil and gas explorer Mosaic Oil NL (ASX:MOS).
Following approval from the Federal Court of Australia, Mosaic Oil yesterday requested its shares are suspended from trade, pending the transfer of shares to AGL on 20 October.
Both companies entered into a scheme of arrangement on 14 July, with Mosaic's board unanimously recommending shareholders accept the offer from AGL of 15 cents per Mosaic share or 1.01 AGL shares for every 100 Mosaic shares.
Last month an independent expert commissioned from Mosaic endorsed the proposed deal, deeming AGL's offer as fair, reasonable and in the best interests of Mosaic shareholders.
AGL Energy posted a $356.1 million profit in the year to 30 June 2010.
AGK Price at posting:
$16.06 Sentiment: None Disclosure: Held
