AGL asset swap plan given green light

Shareholders in energy retailer Australian Gas Light have overwhelmingly approved a A$6.8 billion ($7.73 billion) asset swap plan with energy infrastructure group Alinta in proxy votes.

The proxy votes showed 187 million votes in favour of the plan and 1.1 million votes against.

Alinta shareholders are also expected to approve the plan, clearing the way for AGL to become New AGL focused on gas production, power plants and energy retail, while Alinta becomes Australia's biggest owner of gas and power infrastructure.