PNM Resources falls after New Mexico votes against holding oral arguments on Avangrid (update)
Dec. 08, 2021 5:12 PM ETPNM Resources, Inc. (PNM), AGRIBDRYBy: Joshua Fineman, SA News Editor
- Update 5:26pm: Adds planned votes of two commissioners.
- 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.
- Two commissioners, including chairman Stephen Fischmann and commissioner Cynthia B. Hall ,said they are against the deal, so far.
- 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.