Canada parent keeps TransAlta bid open

By Richard Braddell

WELLINGTON - TransAlta Canada is to extend its bid for TransAlta New Zealand until November 12.

The offer for the 33.6 per cent it does not own was due to have closed today, but has been extended to give time for numerous shareholders who had lost their documents to find them and accept the offer, the general manager of the offer vehicle TEC Investments, Mark Manderson, said.

To date, TEC has acceptances for just over 73 per cent of the company.

Mr Manderson said advertising in Wellington papers last week had been responsible for around 700 inquiries a day relating to the offer being received by the call centre.

The Hutt Mana Energy Trust, which owns 14.6 per cent of the company, this week formally rejected TEC's offer of $2.50 a share.