Li Ka-shing's Power Assets buyout offer rejected

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 to a statement to the Hong Kong exchange. In order to go through, the proposal needed at least 75 per cent of votes cast by minority shareholders to approve the transaction. Only 50.8 per cent did.