Hong Kong’s Richest Man Li Ka Shing’s Consortium Gets Approval From Australia on Duet Group Bid

Yicai

2017-04-21

(Yicai Global) April 21 -- An AUD7.4 billion (USD5.6 billion) takeover bid for power provider Duet Group, owner of energy utility assets in Australia and some OECD countries, submitted by a consortium led by Cheung Kong Infrastructure Holdings Ltd., owned by Hong Kong’s richest man Li Ka Shing, has received foreign investment approvals from the Australian government, paving the way for the completion of the deal.

Australian federal treasurer Scott Morrison raised no objection to the bid by a consortium led by Cheung Kong Infrastructure, Duet said in a filing with the stock exchange today, Bloomberg reported. The deal was ‘overwhelmingly’ approved by proxy voters with a support rate of 99.3 percent, chairman Doug Halley said at a meeting in Sydney. It represents Li’s largest investment in Australia.

Duet’s assets include the Dampier-Bunbury pipeline in Western Australia, a stake in electricity distributor United Energy, gas distribution business Multinet Gas and pipeline business DBP Development Group and Energy Developments Ltd.

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