AGL Energy Ltd says its planned $14 billion merger with smaller rival Origin Energy will provide an improved platform to launch further acquisitions.
AGL, Australia's largest gas and electricity retailer, is also considering spinning off a new national independent energy generator/retailer to dilute its customer base and get around any competition concerns caused by the merger.
AGL Energy chief executive Paul Anthony said there would be a lot of synergies in an alliance, with AGL "long on customers and short on gas reserves" while Origin is the opposite, with fewer customers but more reserves.
So does that mean that gas and electricity prices will come down?
I heard from a friend interstate that IBM is actually taking over AGL and if that is then taking over Origin...yuck! I happen to like Origin.
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