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Australia's APA Group gets A$12.98 billion offer from Chinese consortium

Reuters

(Reuters) - Australian natural gas infrastructure company APA Group (APA.AX) on Wednesday said it received a A$12.98 billion (£7.3 billion) unsolicited offer from a consortium of Chinese companies led by CK Infrastructure Holdings .

The consortium, which also includes CK Asset Holdings (1113.HK) and Power Assets Holdings , had offered A$11 cash per stapled security, APA said, representing a 33 percent premium to APA's last close of A$8.27.

The proposal would allow for a distribution of not more than 24 Australian cents per stapled security for six months to June 30 2018.

APA had granted due diligence on a non-exclusive basis to the consortium. The deal was subject to approvals from Australia's competition and foreign investment regulators, as well as shareholders of APA Group and CK Asset Holdings.

APA made no recommendation on the proposal, and advised security holders to take no action at this stage.

(Reporting by Susan Mathew in Bengaluru; Editing by Stephen Coates)