Australia's APA recommends Hong Kong firm CKI's buyout deal

[BENGALURU] Australia's biggest gas pipeline company APA Group on Monday recommended a A$12.98 billion (S$13 billion) buyout offer from a consortium led by Hong Kong's CK Infrastructure, 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 and Power Assets Holdings, said it is seeking regulatory approval.

REUTERS