
Trustpower launches King Country Energy takeover
Tauranga-based Trustpower will pay $5 a share in cash in a full takeover offer for King Country Energy, provided it gets at least 70.2 percent of the company.
Tauranga-based Trustpower will pay $5 a share in cash in a full takeover offer for King Country Energy, provided it gets at least 70.2 percent of the company.
The recent rally in Z shares convinced Infratil and the Super Fund that it was time to sell.
Infratil will book a profit of $392m on the sale of its remaining 20pc stake in Z Energy.
Infrastructure investor Infratil says it'll be taking a more wary approach to potential new acquisitions.
New Zealand shares rose yesterday, heading back towards a record high after a two-day slide.
The Auckland-based firm, whose brands include Oyster Bay, took out the Best Growth Strategy award.
Infratil will return $120m to shareholders as a special dividend after it sold its Australian energy assets for a net $670m.
Check out a snapshot of some of the stellar performers on the New Zealand sharemarket this year, as it surged ahead breaking new records.
Infratil posted a 5.3pc drop in pretax earnings, meeting guidance, on a weaker contribution from Trustpower and Infratil Energy Australia Group.
Infratil, the Wellington-based infrastructure investor, has sold its unprofitable Glasgow Prestwick Airport to the Scottish government for 1 British pound (NZ$1.98).
Infratil and NZ Super Fund are both buying up big stakes in listed retirement village operator Metlifecare.
Infratil and the New Zealand Superannuation Fund stand to at least triple their money on Z Energy in next month's IPO.
This year is shaping up to be a very busy one for new sharemarket listings...