Billionaire Li Ka-Shing bids $7.7 bil for Australia’s Duet

MELBOURNE/SYDNEY (Dec 5): Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd. offered A$7.3 billion ($7.73 billion) in cash for Australia’s Duet Group as it seeks to expand its power and gas pipeline assets.

CKI offered A$3 a share for the infrastructure company -- 28% more than Friday’s close -- Sydney-based Duet said Monday in a statement. The company’s board said it’s evaluating the non-binding and conditional offer that pushed its shares to the highest in eight years.

The bid is the latest attempt by Li to bolster his Australian business this year. The tycoon experienced a setback in August when Australia’s Foreign Investment Review Board blocked CKI from buying a majority stake in state-owned power network Ausgrid on security concerns.

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