TrustPower buying sparks up a notch

The Australian firm has increased its upper limit for TrustPower shares to $3.95 - 30 cents higher than the $3.65 top price being offered by Alliant and Infratil (NZSE: IFT).

AGL's previous price range had been between $3.30 and $3.60, but that has now changed to between $3.50 and $3.95.

Alliant and Infratil have also increased their range by 5 cents to between $3.20 and $3.65. Their previous top price was $3.60.

Alliant and Infratil have been increasing their holdings in TrustPower this week and currently hold around 46%.

The other main shareholders in TrustPower are AGL with 20.5% and Tauranga Electricity Consumer Trust with 22.7%.

AGL currently has its hands full coping with its majority-owned Natural Gas (NZSE: NCH) investment, which is warning of big losses from its On Energy subsidiary due to high wholesale electricity prices.

TrustPower has similarly warned that it expects full year profit to fall by half compared with last year due to the power shortage.

Early trading Wednesday in TrustPower has been at $3.60 per share.

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