APA Group allows CKI access to books for $13 billion takeover bid
Hong Kong's wealthy Li family have swooped on the steady returns offered by APA Group's vast pipeline network in their biggest overseas acquisition bid, with a blockbuster $13 billion all-cash offer set to tighten their grip on Australia's energy infrastructure and continue to cut their exposure to China.
The $11-a-share offer for the country's largest gas pipeline operator is the first major move by Victor Li, who recently took the reins of the family fortune from billionaire patriarch Li Ka-shing, and fast tracks their investments in the lower but more stable returns offered in developed markets as the family have cashed out of investments in Hong Kong and China.
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