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CKI may offer US$5.4bil to buy Duet Group

Monday, 5 December 2016

li ka-shing

MELBOURNE: Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd has offered to buy Duet Group at a premium of about 28% in a bid to win control of the Australian infrastructure company’s pipeline assets, according to people familiar with the matter.

The Hong Kong-based company made a conditional offer of A$3 a share for Duet last week, said the people, asking not to be identified as the details are private.

The offer values Duet at about A$7.3bil (US$5.4bil), according to data compiled by Bloomberg.

The board of the Australian company planned to consider the offer, the people said. Duet shares closed at A$2.35 in Sydney on Friday.

The bid for Duet would be the latest attempt by Li to bolster his Australian business this year.

The tycoon experienced a setback in August when the Australian government blocked CKI and State Grid Corp of China from buying a majority stake in state-owned power network Ausgrid.

Expanding his business in Australia would also help Li diversify away from the UK, the biggest profit generator for his flagship firm CK Hutchison Holdings Ltd, as Britain’s decision to split off from the European Union threatens to undermine the economy.

Source by: Internet

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