ASX-listed ERM Power not involved in Infratil's Lumo sale
By Suze Metherell
July 17 (BusinessDesk) - 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.