Li Ka-Shing firms cleared to pursue US$5.6 bil Duet bid

HONG KONG (March 15): Billionaire Li Ka-shing won the approval of his shareholders to pursue the purchase of Australian power provider Duet Group, paving the way for the Hong Kong tycoon to diversify away from his reliance on Europe.

The A$7.4 billion ($7.9 billion) bid made by Li’s companies -- Cheung Kong Property Holdings Ltd., Cheung Kong Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. -- was backed by minority investors at all three companies at shareholder meetings in Hong Kong on Tuesday, the firms said in filings. The transaction also needs approval from Duet shareholders.

Duet would give Asia’s third-richest man access to an energy network covering an area three times the size of Hong Kong as the tycoon faces uncertainties in Europe -- his biggest market -- with a string of elections this year. The deal, which would be Li’s biggest in the country if completed, will need to be cleared by the government, which in August blocked Li from buying a majority stake in Ausgrid, citing national security concerns.

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