AlintaGas confirms Aquila talks

AlintaGas last night confirmed that negotiations are progressing with Aquila, United Energy and AMP Henderson regarding Aquila's Australian assets.

The Perth-based utility added the talks may result in Alinta emerging with interests in the United Energy and Multinet distribution businesses together with operator rights to those businesses.

A scheme of arrangement in regard to United Energy shares is also being considered as part of the proposed transaction, Alinta said.

Despite confirmation of the takeover bid, both AlintaGas and United Energy are trading lower today. AlintaGas is down 14c to be at $4.25 while United Energy is down 5c to be trading at $3.05.