Regulator clears CKI's APA buyout

Business | Reuters and Joyce Chen 13 Sep 2018

Hong Kong's CK Infrastructure Holdings (1038) won approval from Australia's competition watchdog for an A$12.98 billion (HK$72.50 billion) takeover of gas pipeline operator APA Group, but still needs clearance from the government.

The Australian Competition and Consumer Commission said the takeover would not change market dynamics on the east coast, given that CKI was not a big competitor in that market. The conglomerate responded last night that it is pleased by the ACCC's decision and would continue seeking approval from other regulators.

However, APA said that the bid still required approvals from the Foreign Investment Review Board, APA security holders and the Supreme Court of New South Wales.

Meanwhile, tycoon Li Ka-shing, who founded CK empire, splashed HK$600 million to buy back shares for the fourth consecutive day yesterday.

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