The final proposition from E.ON was not one we felt we could recommend to shareholders.

I regret that this was necessary. This was not what I wanted - they are good friends and colleagues. But their roles are no longer needed.

I'm disappointed that we weren't able to get E.ON to make a higher bid, ... but they were absolutely adamant that that was their final offer.

The federal government's reductions in the personal and corporate tax burden provide a sound foundation for growth and future prosperity. However, to realize our long-term potential, more needs to be done to deliver productivity growth on a sustained basis.

Everyone is entitled to their point of view.

That's not the way I was thinking about it. Selling PacifiCorp and returning the money to investors was the right decision for shareholder value.

Deferring capital gains tax would enable investors to achieve higher returns and better portfolio diversification and also enable companies to raise capital more cost-effectively.

Once we had made the strategic decision to sell PacifiCorp, which changes significantly the shape and scale of the group, it was necessary to review our management, operating and cost structures for the continuing businesses,

We are paid to create shareholder value, ... At the moment, we see the only way to create value is to concentrate on our core businesses.

Our underlying business performance has been good, ... We have taken a number of steps to sharpen our focus on improving shareholder value.