Shares in woodchipper Gunns soared again yesterday, rising more than 30 per cent in intra-day trading amid continued takeover speculation. The shares reached a high of 52¢ before closing 8.5¢ or 21.5 per cent stronger at 48¢. Shares in Gunns have risen sharply following the departure of chairman John Gay , and as talk swirls that the company is a takeover target. AAP

Transfield Services Infrastructure Fund said it had completed the $191 million sale of the Mount Millar wind farm in South Australia, to New Zealand energy generator Meridian Energy. The fund is selling the wind farm after a capital structure review unveiled almost 12 months ago. The fund yesterday also said it expects to receive $28 million after retail investors have an opportunity to take up the company’s share offer, which closes on June 3. A company spokesman said it was too early to say what the retail uptake of the offer would be, but pointed out that it is fully underwritten. The fund has already received $78.4 million, net of fees, from the institutional and early retail components of the equity offer.
Jackie Range