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Hutchison Telecommunications a leading ASX gainer on TPG merger discussions

TPG has confirmed that it has engaged in exploratory discussions with Vodafone Hutchison Australia Pty Ltd.

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.”

Quick facts: Hutchison Telecommunications (Australia) Limited

Price: 0.16 AUD

ASX:HTA
Market: ASX
Market Cap: $2.17 billion
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