Australia's APA Group gets $9.8 bln offer from Chinese consortium (updated)

Power Assets Holdings

13/06/2018 24:24

(Adds deal premium, details of deal)
    June 13 (Reuters) - Australian natural gas infrastructure
company APA Group  APA.AX  on Wednesday said it received a
A$12.98 billion ($9.8 billion) unsolicited offer from a
consortium of Chinese companies led by CK Infrastructure
Holdings  1038.HK .
    The consortium, which also includes CK Asset Holdings
 1113.HK  and Power Assets Holdings  0006.HK , had offered A$11
cash per stapled security, APA said, representing a 33 percent
premium to APA's last close of A$8.27. 
    The proposal would allow for a distribution of not more than
24 Australian cents per stapled security for six months to June
30 2018.
    APA had granted due diligence on a non-exclusive basis to
the consortium. The deal was subject to approvals from
Australia's competition and foreign investment regulators, as
well as shareholders of APA Group and CK Asset Holdings.
    APA made no recommendation on the proposal, and advised
security holders to take no action at this stage.
    
        
 ($1 = 1.3208 Australian dollars)

 (Reporting by Susan Mathew in Bengaluru; Editing by Stephen
Coates)
 ((susan.mathew@thomsonreuters.com; +91-80-6749-1130; Reuters
Messaging: susan.mathew.thomsonreuters.com@reuters.net))