You are here

Duet says bid by Li Ka-Shing's CKI approved by Australia

Friday, April 21, 2017 - 08:46

42000404 - 22_03_2017 - CKH HOLDINGS-RESULTS_.jpg
Billionaire Li Ka-shing's A$7.4 billion (S$7.7 billion) takeover bid for Duet Group has won foreign investment approval from the Australian government.

[SYDNEY] Billionaire Li Ka-shing's A$7.4 billion (S$7.7 billion) takeover bid for Duet Group has won foreign investment approval from the Australian government.

Treasurer Scott Morrison has no objection to the deal, Duet said in a statement to the stock exchange Friday. Shareholders will vote on the deal later today.

Duet would give Asia's third-richest man access to an energy network covering an area three times the size of Hong Kong as the tycoon faces uncertainties in Europe - his biggest market - with a string of elections this year.

The bid by three of Mr Li's companies - Cheung Kong Property Holdings Ltd, Cheung Kong Infrastructure Holdings Ltd and Power Assets Holdings Ltd - was backed by minority investors at shareholder meetings in Hong Kong last month.

sentifi.com

Market voices on:

Duet's shares rose 9.5 per cent to A$3.01 at 10:03am in Sydney, compared to the cash offer of A$3 per share.

Mr Morrison's office didn't immediately respond to an emailed request for comment.

BLOOMBERG

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom