Transpacific shareholders smell a good deal

Transpacific Industries' Australian investors caught the whiff of a good deal yesterday with the announcement of a proposed merger with local waste collector and landfill operator Waste Management.

Shares in Transpacific soared by more than 20 per cent on news of the deal, effectively a takeover in disguise. The shares hit a record high of A$7.70 ($9.05), before settling up A$1.40 at A$7.60.

- NZPA