Duet recommends raised offer from HK's Cheung Kong

Hong Kong

DUET Group has agreed to recommend an increased US$5.51 billion bid from a consortium led by Cheung Kong Infrastructure Holdings, in a deal that is likely to test Australia's appetite for foreign investment in its key energy assets.

In what is seen as an increasingly protectionist stance, Australia has been thwarting attempts by foreign investors to buy strategic assets in the country. Recently, it blocked a bid by Hong Kong's Cheung Kong Infrastructure (CKI) to…