Origin already owns 51.4% of Contact and had proposed a A$7.2 billion market cap merger that would see the two companies become one while maintaining a dual listing on the ASX and NZX.
But New Zealand-based investors in Contact have voiced their dissatisfaction with the deal since it was announced in February, calling it a thinly-veiled takeover.
ôWe are disappointed that we have not gained sufficient support from Contact shareholders,ö says Kevin McCann, chairman of Origin Energy. ôThe board has reluctantly concluded that the management...
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