CKI's $10 bln bid can snare Australian prey
13/06/2018 04:37
(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)
By Clara Ferreira-Marques
SINGAPORE, June 13 (Reuters Breakingviews) - The Hong Kong
giant is circling Australia's top gas pipeline firm. A 33 pct
premium ought to satisfy APA’s board, especially as tougher
rules bite. The odds are good for Victor Li’s first big deal
since he took over from father Li Ka-shing at parent company CK
Hutchison.
Full view will be published shortly.
On Twitter https://twitter.com/claramarquesrtr
CONTEXT NEWS
- Hong Kong’s CK Infrastructure Holdings has made an
indicative takeover offer worth nearly A$13 billion ($10
billion) for Australian gas pipeline company APA Group.
- CKI, leading a consortium that includes CK Asset Holdings
and Power Assets Holdings, said on June 13 it was offering A$11
in cash per APA share, a 33 percent premium to the closing price
on June 12 of A$8.27.
- APA granted due diligence but said its board had not made
a recommendation to shareholders.
- CKI said it had held discussions with Australia’s Foreign
Investment Review Board and the Australian Competition and
Consumer Commission. It has proposed divesting APA assets in
Western Australia.
- For previous columns by the author, Reuters customers can
click on MARQUES/
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China's CK Infrastructure bids $9.8 bln for Australian gas
pipeline firm urn:newsml:reuters.com:*:nL4N1TE6D8
APA Group statement https://www.apa.com.au/news/asx-releases/2018/apa-grants-due-diligence-in-response-to-receipt-of-an-indicative-non-binding-proposal-from-cki/
CK Infrastructure statement http://www.cki.com.hk/english/PDF_file/announcement/2018/20180613_1.pdf
BREAKINGVIEWS - Li Ka-shing’s exit ushers in new era for tycoons
urn:newsml:reuters.com:*:nL3N1QY0YU
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(Editing by Quentin Webb and Katrina Hamlin)
((clara.ferreira-marques@thomsonreuters.com; Reuters Messaging:
clara.ferreira-marques.thomsonreuters.com@reuters.net))