Mercury NZ climbs on plans to acquire Trustpower's retail business

Mercury NZ

21/06/2021 01:10

** Shares of Mercury NZ  MCY.NZ  rise as much as 3.1% to
NZ$6.495, their highest since June 17 
    ** Co says it would buy NZX-listed electricity generator
Trustpower Ltd's  TPW.NZ  gas, telecommunications and retail
electricity supply business for NZ$441 mln ($306.32
mln) urn:newsml:reuters.com:*:nNZWbKhmx3
    ** Infratil  IFT.NZ , which is a 51% shareholder of
Trustpower, said in a separate statement that it supported the
sale and intended to vote in its favour
  ** MCY says combined business will have about 780,000
connections across both energy and telco services
  ** Stock on track for a second consecutive session of gains 
  ** Stock down 3.5% this year, as of last close 

   ($1 = 1.4397 New Zealand dollars)

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))