ERM Power, the ASX-listed energy company, isn’t in the running to buy Infratil’s energy assets across the Tasman.
Brisbane-based ERM Power is not involved in the sale process for Infratil-owned electricity retailer Lumo and has scotched a report in the Australian Financial Review report that it was involved in the New South Wales government’s sale of power stations, it said in a statement to the ASX.
Earlier this week Wellington-based Infratil said it was continuing its strategic review of Infratil Energy Australia, “with parties expressing interesting in progressing options including outright purchase and merger combinations.” Managed by Morrison Co, Infratil flagged with its results in May that it had started a review of Lumo and Direct Connect Australia units of IEA to determine whether to sell the businesses. Earnings at IEA fell to A$78 million in the year ended March 31, from A$97.7 million a year earlier, with the decline inflated by the effect of translating earnings back into a strong kiwi dollar.
NZX-listed Infratil shares rose 0.2 percent to $2.445, and have advanced 7.5 percent this year. ASX-listed ERM Power shares rose 4.1 percent to A$2.04 and have fallen 18 percent since the start of the year.
BusinessDesk.co.nz
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