Hutt Mana gives NGC the go-ahead

The Hutt Mana Energy Trust has given NCH an irrevocable undertaking to accept the proposed offer for its stake in Trans Alta. The Trust has a 14.6% stake in TransAlta.

NCH chairman Len Bleasel says his company is pleased with the news.

"Merged with TransAlta, NCH will create New Zealand's most significant downstream energy business, well able to meet the challenges of a fully competitive market."

NCH says it will now issue a takeover offer to all TransAlta minority shareholders, which they should receive early next week. Under the offer shareholders can sell their shares at a cash price of $2.79, or swap each share for 1.86 new NCH shares.

Mr Bleasel says the two companies are currently working through an alignment process to bring the business together which should be completed by the end of the year.

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