Australian interest in TrustPower

AGL, which is a major shareholder in Natural Gas Corporation (NZSE: NCH), already has an interest in just under 20.5% of the Bay of Plenty-based electricity company.

It has issued a restricted transfer notice for the rest of TrustPower with an offer of between $3.30 and $3.60 per share.

Other TrustPower shareholders, Alliant International NZ and Tauranga Energy Consumer Trust, are also currently looking to increase their stakes in the electricity company.

Alliant has issued a notice for up to 20.93% at between $3.20 and $3.60 while the Trust wants around 27.73% in the same price range.

AGL's offer it due to take effect from the middle of June and stay open until the end of July.

For the six months ended September 2000 TrustPower posted a profit of $16.87 million, up 11% over the previous year. Sales rose in the period from $209 million to $254 million.

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