Victor Li, who succeeded his billionaire father last month as head of the CK group of companies, began his tenure with a A$13 billion ($9.8 billion) bid for Australian gas pipeline operator APA Group, the Hong Kong-based conglomerate’s biggest overseas acquisition.
The cash offer, split among CK Asset Holdings Ltd., CK Infrastructure Holdings Ltd. and Power Assets Holdings Ltd., was 33 percent higher than APA’s closing price on Tuesday. APA shares closed 21 percent higher in Sydney at A$10, a record gain but shy of the A$11-a-share bid.
