Origin Energy to take A$270M impairment as it exits Contact Energy

Tue, 04 Aug 2015

By Pattrick Smellie Aug. 5 (BusinessDesk) - Origin Energy will book a A$270 million impairment in the process of exiting its majority shareholding in Contact Energy, the company said in announcing it has completed the sale of the 53.1 percent stake in the Wellington-headquartered electricity and gas company. Contact Energy shares will resume trading at 10am this morning after being suspended throughout yesterday's bookbuild, which raised total proceeds of $1.8 billion as Origin quit the controlling stake it had held in Contact since 2003....

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