AGL share raid set energy shares alight

Perth-based Alinta launched a surprise $900 million raid on Australian Gas Light, buying 10 per cent of the stock at a price of $19.45 a share, a premium of six per cent above the market price of $18.30, valuing AGL at about $8.9 billion. Alinta is hoping to secure enough shares to resume its aborted takeover of the AGL retailing business. Alinta built up a stake in AGL late last year but was rebuffed by the AGL board when it made tentative efforts to secure the retail business.