New Jersey Resources Corp (NJR.N) is considering to combine with South Jersey Industries Inc (SJI.N) in a deal that would bring together two natural-gas utilities in New Jersey, the Wall Street Journal reported, citing people familiar with the matter.
Details of the talks couldn't be learned and it is possible that there won't be a deal, the Journal reported on Tuesday. (on.wsj.com/2nG2OTt)
South Jersey Industries and New Jersey Resources were not immediately available for comments.
Shares of South Jersey Industries rose as much as 5.54 percent to a record high of $37.31. The company has a market value of about $2.8 billion.
New Jersey Resources' stock rose as much as 6.3 percent to an all-time high of $41.60. The company is valued at about $3.4 billion.
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel)