Li Ka-shing continues buying spree

A consortium of Li Ka-shing controlled companies agree to buy Australia gas distributor Envestra, as Hong Kong's richest man extends his overseas empire.
Li Ka-shing
Li Ka-shing

Hong Kong tycoon Li Ka-shing has extended his overseas buying spree and looks set to keep going. On Friday, a consortium including Cheung Kong Infrastructure, Cheung Kong Holdings and Power Assets, agreed to buy Australia’s gas distributor Envestra in a deal that values the latter at A$2.4 billion.

The consortium put in the bid on May 8 and Envestra’s independent directors unanimously recommended the cash offer of A$1.32 on Friday. The consortium beat a rival bid from APA, Envestra's manager and largest shareholder with a 33% stake.

Analysts expect Cheung Kong-related companies to keep buying overseas assets and join hands for bigger acquisitions.

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