Market close: Covid-battered stocks make strong headway
16 Mar, 2021 04:40 AM
4 minutes to read
SkyCity Entertainment rose 16c or 4.78 per cent to $3.51. Photo / 123RF
NZ Herald
By: Graham Skellern
The re-opening stocks – those battered by the Covid pandemic – continued to make strong headway as the more confident New Zealand sharemarket posted its sixth successive day of rises. The S&P/NZX 50 Index gained 96.79 points or 0.77 per cent to 12,689.05, after reaching an intraday low of 12,584.85. There were 83 gainers and 61 decliners with 50.4 million shares worth $200.76 million changing hands.
Matt Goodson, managing director of Salt Funds Management, said it was a day investors were willing to take risks and pay for re-opening stocks. Some of them are having strong runs.
Mercury s tilt at Tilt transformational nbr.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbr.co.nz Daily Mail and Mail on Sunday newspapers.
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Mercury buys New Zealand assets in $3 billion takeover of Tilt Renewables
15 Mar, 2021 04:07 AM
4 minutes to read
Tilt Renewables was demerged from Trustpower in 2016. A proposed takeover sees it valued at almost $3 billion. Photo / Supplied
Tilt Renewables was demerged from Trustpower in 2016. A proposed takeover sees it valued at almost $3 billion. Photo / Supplied
Mercury Energy has teamed up with a Queensland pension fund for a $3 billion takeover of Australasian wind farm developer Tilt Renewables, which has seen its value almost double in just over three months. Tilt said today it had entered into a scheme implementation agreement with a consortium of Powering Australian Renewables (PowAR) and Mercury which, subject to shareholder and regulatory approval, would see shareholders paid $8.80 a share, valuing the company at $2.96b.
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(Reuters) - New Zealand s Tilt Renewables Ltd said on Monday it would be acquired by a consortium including its second-largest shareholder and Australia s AGL Energy Ltd for NZ$2.94 billion ($2.10 billion), sending its shares to an all-time high.
The deal was the first major piece of M&A activity in New Zealand this year, which comes amid a push from companies and investors for decarbonisation and a move towards clean, renewable energy.
Powering Australian Renewables (PowAR), a partnership between AGL, investment manager QIC and Australia s sovereign wealth fund, will buy Tilt s Australian business, while 19.9%-shareholder Mercury NZ Ltd will buy its New Zealand business.