Hong Kong CKI makes US$5.4b bid for Australian energy Duet Group
[SYDNEY] Hong Kong-listed Cheung Kong Infrastructure Holdings has made an A$7.3 billion (S$7.7 billion) bid for Australian energy infrastructure owner Duet Group, Duet said on Monday.
Duet said it had received an "an unsolicited, indicative, incomplete, non-binding and conditional proposal," offering A$3 per share in cash.
The offer represents a 27.7 per cent premium to Duet's Friday closing price of A$2.35.
Duet said its board was considering the proposal, and advised shareholders to "take no action as there is currently no certainty the proposal will proceed further".
The offer comes after CKI's bid for Australian electricity grid Ausgrid was rejected in August by the country's Foreign Investment Review Board (FIRB).
FIRB must also approve CKI's takeover of Duet for it to succeed and the deal is subject to the approval of Duet shareholders.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply