2023-09-15 11:54:55 ET
PNM Resouces ( NYSE: PNM ) quickly fell 2.3% amid a New Mexico Supreme Court hearing related to Avangrid's ( NYSE: AGR ) planned purchase of PNM.
The New Mexico Supreme Court is holding a hearing on Friday after it denied a request to have the case remanded to the New Mexico Public Regulation Commission in May.
PNM Resources ( PNM ) and Avangrid ( AGR ) mutually agreed in June to extend their merger agreement , announced in October 2020, through December 31.
In March, PNM Resources ( PNM ) and Avangrid ( AGR ) filed a joint motion along with New Mexico Public Regulation Commission to dismiss their merger appeal with the State Supreme Court and remand the case back to the NMPRC for rehearing and reconsideration.
Avangrid ( AGR ) is trying to complete its acquisition of PNM Resources ( PNM ), which was originally blocked by the New Mexico utility regulator in December 2021.
Developing story ...
For further details see:
PNM Resources sinks amid New Mexico Supreme Court hearing on Avangrid deal