A short announcement this morning says AGL Energy Ltd will buy-up additional shares in the Australian Power and Gas Company Ltd.

AGL Energy will reportedly increase its stake in APG to 81 per cent. It has offered to pay 52 cents per share – the price at which it previously made an off-market takeover offer.

The increased voting power will help AGL maintain a big sway on voting decisions, lifting from a 75 per cent stake last week.

The proposition has been run by the Australian Competition and Consumer Commission, who found the bid was unlikely to “substantially lessen competition in Victoria's energy sector”.