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Hermes Investment joins bid for National Grid's gas pipelines unit- Sky News

Reuters - UK Focus

Oct (Shenzhen: 000069.SZ - news) 27 (Reuters) - Hermes Investment Management has joined a consortium bidding to buy a controlling stake in the gas distribution division of National Grid (LSE: NG.L - news) , Sky News reported.

The bid already comprised China Investment Corp, Allianz (Hanover: ALVN.HA - news) , Dalmore Capital and Amber Infrastructure; and Macquarie Bank, Sky News said, adding the deal could value the business at more than 11 billion pounds including debt.

Hermes had been part of another consortium featuring state-backed funds from Abu Dhabi and Kuwait, and Canadian pension funds but the bid was eliminated as it was significantly lower than those of competitors, Sky (LSE: BSY.L - news) said.

Hermes Investment Management declined to comment and National Grid could not be immediately reached outside regular business hours.

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Last year, National Grid put a majority stake in its 8.5 billion pound gas business distribution up for sale as it shifted focus to better assets such as U.S. networks.

Hong Kong billionaire Li Ka-Shing is also preparing a bid for the stake in gas distribution networks, the Financial Times said in September. (Reporting by Sangameswaran S in Bengaluru; Editing by Toby Chopra)