Pacific Energy has enetered a trading halt today, ahead of an announcement regarding a takeover offer for the remote power provider, with competitor Zenith Energy enjoying a share price surge on the news.
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Pacific Energy has enetered a trading halt today, ahead of an announcement regarding a takeover offer for the remote power provider, with competitor Zenith Energy enjoying a share price surge on the news.
Pacific Energy has entered a trading halt today, ahead of an announcement regarding a takeover offer for the remote power provider, with competitor Zenith Energy enjoying a share price surge on the news.
Business News understands the state-owned QIC, formely known as Queensland Investment Corporation, is behind the takeover bid.
Additionally, sources have told Business News that Canada-based pension fund OPTrust is also interested in acquiring Pacific.
In March 2018, Pacific purchased Kewdale-based Contract Power Group for $90 million.
Pacific, which is led by James Cullen, currently has a market cap of around $310 million.
If Pacific is acquired, Zenith Energy would be the last ASX-listed company that specialises in remote minesite power stations.
Shares in Zenith jumped 9.4 per cent to close trade at 64 cents each.
Rank | Company | # | |
---|---|---|---|
17th | ![]() | Duratec Australia | 560 |
18th | ![]() | Georgiou Group | 485 |
19th | ![]() | Pacific Energy | 500 |
20th | ![]() | Goodline | NFP |
21st | ![]() | Southern Cross Electrical Engineering | 500 |
Rank | Company | # | |
---|---|---|---|
14th | ![]() | Breight Group | 650 |
15th | ![]() | Intertek | 500 |
16th | ![]() | Pacific Energy | 500 |
17th | ![]() | Murray Engineering | 432 |
18th | ![]() | Schlam | 430 |