Deals

Billionaire Li Ka-Shing Bids $5.4 Billion for Australia’s Duet

Cheung Kong Infrastructure offers A$3 per share in cash
CKI may need local partner to secure Australia’s approval: RBC

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By Brett Foley and Mariko Ishikawa

December 4, 2016 at 9:53 PM UTC

Updated on

December 5, 2016 at 12:32 AM UTC

This article is for subscribers only.

Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd. offered A$7.3 billion ($5.4 billion) in cash for Australia’s Duet Group as it seeks to expand its power and gas pipeline assets.

CKI offered A$3 a share for the infrastructure company -- 28 percent more than Friday’s close -- Sydney-based Duet said Monday in a The company’s board said it’s evaluating the non-binding and conditional offer that pushed its shares to the highest in eight years.