Billionaire Li Ka-Shing Sweetens Duet Offer to $5.5 Billion

  • Under revised bid, Duet shareholders to get A$3.03 a share
  • Deal would help Li diversify away from European risks

Li Ka-shing.

Photographer: Justin Chin/Bloomberg

Billionaire Li Ka-shing agreed to buy Duet Group in a A$7.4 billion ($5.5 billion) deal, sweetening an earlier offer, as the Hong Kong tycoon seeks to expand his infrastructure assets in Australia to diversify away from Europe.

In the revised bid, endorsed by Duet, investors will receive A$3.03 for each share in the energy company after including a newly announced special dividend of 3 cents a share, according to statements from the companies. That’s 9 percent higher than Friday’s closing price for Duet, which on Monday climbed to as high as A$2.93 in Sydney trading…

Billionaire Li Ka-Shing Sweetens Duet Offer to $5.5 Billion

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