HK tycoon makes $5.4b offer for Australian energy firm

AFP, SYDNEY: Li Ka-shing’s Cheung Kong Infrastructure yesterday offered Aus$7.3 billion (US$5.4 billion) for an Australian energy group, just months after his bid for the country’s largest electricity network was blocked on security grounds.
The Hong Kong billionaire’s unsolicited and conditional Aus$3 per share offer for the Duet Group, an energy utility asset owner, represented a near-28 percent premium on its closing share price on Friday. 
The move sent the stock more than 16 percent higher to Aus$2.73 in late afternoon trade Monday, although there was no certainty the approach would go any further.
“The boards of the Duet Group are currently evaluating the proposal and at this time security holders are advised to take no action as there is currently no certainty the proposal will proceed further,” the target company said in a statement.
The Australian newspaper said China’s State Grid and Singapore Power were believed to be working on a counter offer for Duet, which if true could spark a bidding war.

HK tycoon makes $5.4b offer for Australian energy firm

AFP, SYDNEY: Li Ka-shings Cheung Kong Infrastructure yesterday offered Aus$7.3 billion (US$5.4 billion) for an Australian energy group, just months after his bid for the countrys largest electricity network was blocked on security grounds. The Hong Kong billionaires unsolicited and conditional Aus$3 per share offer for the Duet Group, an energy utility asset owner, represented a near-28 percent premium on its closing share price on Friday. The move sent the stock more than 16 percent higher to Aus$2.73 in late afternoon trade Monday, although there was no certainty the approach would go any further. The boards of the Duet Group are currently evaluating the proposal and at this time security holders are advised to take no action as there is currently no certainty the proposal will proceed further, the target company said in a statement. The Australian newspaper said Chinas State Grid and Singapore Power were believed to be working on a counter offer for Duet, which if true could spark a bidding war.