Ampol at 2-week high after regulator clears EG Australia deal

Ampol

04/06/2026 05:27

** Shares of energy producer Ampol ALD.AX rise as much as 3.92% to A$36.33, their highest level since May 20
** Stock on track for its best session since April 22
** Australia's competition watchdog on Wednesday approved ALD's A$1.1 billion ($789.47 million) acquisition of EG Australia 
** Morgan Stanley says approval strengthens investment case, with impact broadly in line with expectations
** Says Ampol can likely fund deal without equity issuance given elevated refining margins
** Keeps ALD's 'overweight' rating and price target of A$35.00
** Stock set for its fourth-straight day of gains 
** ALD up 13.6% this year, including the day's move

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.nair@thomsonreuters.com))