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Hutchison Telecommunications a leading ASX gainer on TPG merger discussions

Published: 16:13 22 Aug 2018 AEST

ASX chart with arrow pointing up
Shares of both companies reach new 12-month highs

Hutchison Telecommunications (Aus) Ltd (ASX:HTA) is a leading ASX gainer on news of potential merger discussions between Vodafone Hutchison Australia Pty Limited and TPG Telecom Limited (ASX:TPM).

Hutchison surged almost 67% to an intra-day high of 10 cents, a new 12-month high.

TPG also benefitted, rising almost 22% to a new 12-month high of $7.57 on strong volume of more than 8 million.

“Exploratory discussions”

In a statement following media speculation, Hutchison said: “The company notes that TPG has confirmed that it has engaged in exploratory discussions with Vodafone Hutchison Australia Pty Ltd (VHA).

“The company has a 50% interest in VHA and is aware that TPG and VHA have been in discussions regarding a potential merger.

“The company notes that there is no certainty that any transaction will eventuate or what the terms of a transaction would be.”

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