INDEPENDENT electricity generator ERM Power has taken its first stake in the gas sector on the east coast, snapping up a 6 per cent stake in Metgasco, as a ''hedging investment'' against the widespread anticipation of rising gas prices.
ERM disclosed the holding yesterday, which is believed to have been picked up at about Metgasco's present share price. It closed trading yesterday at 32.5¢, up 2¢, valuing the company at about $135 million.
BusinessDay.com.au
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