Gas pipeline giant APA Group has got strong support for its surprise $9.96 billion takeover bid for AusNet Services with its biggest shareholder, UniSuper, backing the move despite the “sharp” price.

UniSuper chief investment officer John Pearce said the takeover of the Victorian transmission grid owner would shift APA away from its almost total reliance on gas, making it a more diversified business and potentially lowering its cost of capital in the transition to lower carbon energy.