Future Fund turns back on Transurban deal
March 23, 2010
Transurban Group shares fell more than 5% in early trade after the Australian government Future Fund said that it has withdrawn from discussions with the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan to join the Canadians in their bid to acquire the Australian toll road operator.
Transurban rejected a $6.78 billion takeover offer from the Canadian pension funds in November. At the time the share price spiked from $4.39 to $5.55 within 48 hours – a 26% jump.
This mornings 5% fall in its share price saw Transurban shares trading at $4.88 by 1053 AEDT.
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