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Dec

04

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

By Tony Seruga

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

Billionaire Li Ka-shing.

Photographer: Justin Chin/Bloomberg

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 statement. The company’s board said it’s evaluating the non-binding and conditional offer that pushed its shares to the highest in eight years…

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

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