IBDRY - PNM Resources falls after New Mexico votes against holding oral arguments on Avangrid

PNM Resources (NYSE:PNM) dropped 4.1% as the New Mexico Public Regulation Commission voted against a measure to hold oral arguments to address issues about Avangrid's (NYSE:AGR) planned acquisition. The commissioners voted 4 to 1 against holding oral arguments, according to a webcast of the meeting.  The meeting is continuing and a vote on the deal/stipulation will likely occur soon. PNM shares fell last week after a majority of commissioners at the New Mexico utility regulator said they were currently opposed to the deal at a meeting last week, prompting at least two analysts to say a deal now has a very low likelihood of approval. "There is a chance of it going ahead (not dead yet), but it's looking very unlikely to close," Citi analyst Ryan Levine wrote in a note last week.

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PNM Resources falls after New Mexico votes against holding oral arguments on Avangrid