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Hong Kong's CKI launches $9.8 billion bid for Australia's top gas transporter

Reuters  |  MELBOURNE 

By Sonali PaulMELBOURNE (Reuters) - Hong Kong's CK Infrastructure Holdings has made a A$12.98 billion ($9.8 billion) takeover offer for Australia's biggest gas pipeline company, APA Group, offering a hefty 33 percent premium to tap into a tight gas market.The deal would make CK Infrastructure, part of the business empire founded by Hong Kong tycoon Li Ka-shing, the major player in Australia's east coast gas pipeline network. But it comes as soaring gas and power prices have caused political blowback, raising concerns it could run into competition and national security hurdles.APA's shares ...

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First Published: Wed, June 13 2018. 14:53 IST