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.
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.”