Manawa Energy will hold a shareholder meeting to vote on the scheme of arrangement with Contact Energy, after the Commerce Commission granted clearance for the acquisition.
The scheme, announced on September 11, 2024, is now awaiting shareholder approval, High Court approval, and other customary conditions.
Manawa's two largest shareholders, who collectively hold 77.9% of the company's shares, have agreed to vote in favour of the scheme, increasing the likelihood of obtaining the necessary approvals.
If all conditions are met, the scheme is expected to be implemented in July 2025.
The scheme booklet, containing relevant information for shareholders, is anticipated to be released before the end of May.
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