AGL Energy has requested a trading halt on its shares amid speculation it is about to announce a bid for rival Sydney Gas.
“The reason for the trading halt is that AGL is in discussion concerning a possible material transaction,” it said in a statement to the Australian Securities Exchange today.
AGL said it expected to make the announcement before the start of trading tomorrow.
Earlier today, Sydney Gas had requested a trading halt on its shares pending an announcement about a takeover bid.
“The trading halt is requested pending an announcement by the company in relation to a takeover bid,” a Sydney Gas statement said.
Sydney Gas shares last traded at 27.5c and AGL last traded at $15.45.
AGK Price at posting:
$15.45 Sentiment: Buy Disclosure: Held
