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AGL Energy Limited (ASX:AGK) has strengthened its voting power in Australian Power and Gas Company Limited (ASX:APK) after its successful takeover.
The energy company says it’s lifted its voting power to 84.37 per cent as a direct result of its 52 cents per share on-market offer.
The company has moved swiftly following the ACCC’s approval of the takeover, increasing its stake in APG to 75 per cent last week.
AGL this week exercised its majority voting rights to install three senior AGL executives on APG's board.
APG's chief executive officer James Myatt also stepped down, with chief financial officer Warren Kember now acting as interim CEO.
AGL generated a net profit of $389 million in fiscal 2013.