Connecticut utility UIL Holdings Corp. jumped by the most since February after a filing showed the company and Iberdrola SA are in settlement talks with the state’s consumer advocate over a proposed $3 billion takeover.
UIL shares surged 4.9 percent to $45.71 on Tuesday in New York. UIL said it was making “significant progress” toward resolving concerns raised by Connecticut’s Office of Consumer Counsel about Iberdrola’s proposal to buy the company, a Sept. 4 filing with the Public Utilities Regulatory Authority of Connecticut showed.
The public utilities agency rejected Iberdrola’s proposal in a preliminary decision in June, saying it wasn’t clear how the Spanish suitor planned to run the company. The companies on Sept. 4 asked for a one-week extension to continue talks that would "allow parties to work to finalize negotiations and reach an agreement," according to the filing.