Li Ka-shing might not be casting these clouds over Hong Kong but he is causing concern as he sells off parts of his China and Hong Kong holdings.
HONG KONG -- On May 8, Cheung Kong (Holdings) announced that it wanted to buy Australia's Envestra for 2.37 billion Australian dollars ($2.2 billion) in cash. The offer, made by a consortium formed with two group companies, represented a 16.8% premium over the closing price of the Australian natural gas supplier's stock the previous day. At the time, Envestra was five days away from being sold to its major shareholder.
Envestra enjoys monopoly status in southern Australia's retail market, serving 1.14 million customers with a 23,000km natural gas grid.
The utility's major shareholder was APA Group, Australia's largest natural gas infrastructure company, which had a 33.4% stake. Cheung Kong Infrastructure Holdings, one of the Cheung Kong subsidiaries involved in the acquisition, had a 17.5% interest. The other subsidiary involved was Power Assets Holdings.
0 comments:
Post a Comment