Contact Energy has announced a 2.3-billion-dollar merger takeover bid for power-co, Manawa Energy

It's valuing the NZX-listed company at almost 1.9 billion dollars.

Contact says joining forces would create a more diversified, resilient and efficient company.

Manawa shareholders would get a mixture of Contact shares and cash.

If approved by the Commerce Commission -- the takeover will proceed in the first half of next year.