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Li Ka-shing's Power Assets buyout offer rejected

Published Tue, Nov 24, 2015 · 09:50 PM
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Beijing

POWER Assets Holdings Ltd shareholders rejected a US$12.4 billion buyout offer from billionaire Li Ka-shing, dealing a rare setback for Hong Kong's richest man as he seeks to consolidate his utilities and infrastructure businesses before handing over control of his empire to his elder son Victor.

Mr Li, making his offer through Cheung Kong Infrastructure Holdings Ltd, failed to get enough Power Assets minority shareholders voting at a meeting on Tuesday to approve the deal, according t…

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