L&M Energy shareholders today approved the company's acquisition of L&M Coal Seam Gas at a special general meeting in Wellington.

In a statement this afternoon, L&M Energy said the merger created a company with a “vastly improved” asset position, putting it at the forefront of coal seam gas development in New Zealand.

L&M Energy chairman Geoff Loudon said shareholders had given a strong vote of confidence in the direction the company was taking.

The Commerce Commission has lowered the bar for certain mergers and acquisitions that have “clear public benefits” and a limited impact on competition.

Following public consultation the commission says it has developed a new streamlined authorisation process designed to speed up the regulatory decision making process.

“The streamlined process will allow businesses to make more timely and cost-effective decisions," says Commerce Commission director of competition Deborah Battell.

Baby buggy company Phil & Teds is on the hunt for acquisitions to add to its business, which is already worth $300 million by one estimate.

NBR approached Phil & Teds founder Campbell Gower for comment after hearing rumours that the company was for sale.

But Mr Gower says he’s not in any discussions to sell his 69.4% shareholding, and Phil & Teds is in fact looking for a complementary product line or sales and distribution channel to purchase.

“We could bolt on to them or they could bolt on to us,” Mr Gower says.

Entrepreneur Rodney Martin’s Carpet Court and The Floor Store group has hit back after a mass walkout by Carpet Court franchisees last month, today announcing a partnership with Auckland-based flooring business Hills Floorings.

The partnership gives the Flooring Brands group (which includes Carpet Court and The Floor Store) annual revenues of over $200 million and, according to the company, more than a third of the country’s retail flooring market.

Babcock & Brown Infrastructure has sold its stake in local lines company Powerco to funds managed by institutional investment manager Queensland Investment Corporation.

BBI says the sale will net it approximately $400 million in cash, subject to certain post-completion adjustments.

BBI will retain 100% of Powerco’s Tasmanian gas distribution business, which has a book value of $200 million.