The End
A takeover bid for the Geelong Gas Company was issued on 11 December 1964 when the company was served with a notice of acquisition by the Gas and Fuel Corporation of Victoria. At this time the 20 shilling ($2) shares in the company were valued at one pound, 16 shillings and sixpence ($3.65), with a total of about 800 shareholders in the company. The takeover bid was later withdrawn.
A takeover bid by the Gas and Fuel Corporation was made in 1970 when a Bill was passed in the State Parliament, with shareholders offered $3.40 a share. The takeover was ratified when 70% of shareholders accepted the offer, and the Geelong Gas Company ceased to exist on 30 June 1971.
The was some controversy over the takeover, with it being revealed that a senior accountant with the Gas and Fuel Corporation had bought 11,000 shares in the Geelong Gas Company shortly before the takeover was made public. It was proved that the accountant had used insider knowledge to buy the shares, but the State Government was told no action could be taken. The issue remained alive until late 1971 when then Opposition Leader Mr Clyde Holding called for a further investigation. This move was quashed by then Premier Sir Henry Bolte on the advice of the Victorian Auditor General.
The gasworks themselves were demolished in September 1972, but the railway siding and the concrete foundations of a gas holder are still visible on the site today. The company offices at 161 Ryrie Street are now listed on the Victorian Heritage Register.
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“‘Tis said that courage is common, but the immense esteem in which it is held proves it to be rare. Animal resistance, the instinct of the male animal when cornered, is no doubt common; but the pure article, courage with eyes, courage with conduct, self-possession at the cannon’s mouth, cheerfulness in lonely adherence to the right, is the endowment of elevated characters.”
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