Why Hong Kong won when Li Ka-shing lost

The decision of the minority investors of Power Assets Holdings to reject the revised takeover offer from Cheung Kong Infrastructure is a good step for shareholder rights.

Why Hong Kong won when Li Ka-shing lost

For the past year Hong Kong billionaire Li Ka-shing has embarked on a massive restructuring of his two sprawling conglomerates Cheung Kong and Hutchison Whampoa, to turn them into tidier corporate structures. Along the way he has faced relatively little real opposition to these plans from minority shareholders.

Until, that is, Li tried to subsume Power Assets Holdings into his new corporate structure.

On Tuesday, minority shareholders of the Hong...

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