Oct-21-2002 – Vector Ltd., a New Zealand-based electricity lines network company, said Monday it intends to compulsorily acquire all of UnitedNetworks Ltd. shares after reaching 90 per cent in acceptances from the target company’s shareholders.

The decision comes after three local councils decided to sell their combined 10.8 per cent stake in UnitedNetworks to Vector, the company said in a statement.

Vector, which is offering NZ$9.90 ($4.78)a share for all of UnitedNetworks, now has a 93.8 per cent stake in the country’s largest networks concern.

The company’s offer, valued at NZ$1.5 billion, closes on Oct. 23. Compulsory acquisition will take place after the closing date of the offer.

Vector’s offer has already been accepted by UnitedNetworks’ 70.2 per cent majority owner, Missouri-based Aquila Inc.