Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Australia treasurer says CK Group's planned APA buy against national interest

Published 07/11/2018, 05:13 pm
Updated 07/11/2018, 05:20 pm
Australia treasurer says CK Group's planned APA buy against national interest

MELBOURNE, Nov 7 (Reuters) - Australia's treasurer said on Wednesday his preliminary view on Hong Kong-based CK Group's proposed A$13 billion ($9.4 billion) takeover of APA Group APA.AX was that it would be against the national interest and he would make a final decision within two weeks.

"I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business," Treasurer Josh Frydenberg said in a statement.

CK Infrastructure Holdings 1038.HK , part of the empire founded by Hong Kong tycoon Li Ka-shing, is leading a consortium bidding for Australia's biggest gas pipeline company.

APA's spokesman and CK Infrastructure's spokesman in Australia were not immediately available for comment. ($1 = 1.3797 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.