Australia's APA recommends Hong Kong firm CKI's buyout deal
12/08/2018 23:36
Aug 13 (Reuters) - Australia's biggest gas pipeline company
APA Group APA.AX on Monday recommended a A$12.98 billion
($9.45 billion) buyout offer from a consortium led by Hong
Kong's CK Infrastructure 1038.HK , in the absence of a better
offer.
If the deal goes through, APA shareholders will receive
A$11.00 cash per share and make CK Infrastructure the major
player in Australia's east coast gas pipeline network.
CK Infrastructure, leading a consortium with CK Asset
Holdings 1113.HK and Power Assets Holdings 0006.HK , said it
is seeking regulatory approval.
($1 = 1.3729 Australian dollars)
(Reporting by Devika Syamnath in Bengaluru
Editing by Susan Thomas)
((Devika.Syamnath@thomsonreuters.com; +91 80 6749 1130; Reuters
Messaging: Devika.Syamnath.thomsonreuters.com@reuters.net))