battle-for-gasnet-escalates-as-colonial-weighs-in

Battle for GasNet escalates as Colonial weighs in

Colonial First State has made a surprise bid for the Victorian gas transmission company, trumping Babcock & BrownÆs offer.
August 15, 2006
The asset management arm of AustraliaÆs largest bank, the Commonwealth Bank, has made a A$418 million $320 million bid for GasNet with the intention of injecting the asset into a specialist infrastructure fund.

The takeover proposal values GasNet significantly higher than the amount being offered by another suitor û a partnership between Babcock Brown Infrastructure BBI and Australian Pipeline Trust APT û which first bid for the Victorian gas transmission company back in mid-June.

BBI is itself a listed infrastructure trust and has forged the trail in publicly-traded specialist funds in Australian along with rival Macquarie Infrastructure Group.

BBI and APT already own 14.2% of GasNetÆs shares and had been offering a...
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