Australia's treasurer said yesterday his preliminary view on CK Group's proposed A$13 billion (HK$74.27 billion) takeover of APA Group was that it would be against the national interest and he would make a final decision within two weeks.
"I have formed this view on the grounds that it would result in an undue concentration of foreign ownership by a single company group in our most significant gas transmission business," Australian treasurer Josh Frydenberg said in a statement.
CK Infrastructure (1038), part of the empire founded by tycoon Li Ka-shing, is leading a consortium bidding for Australia's biggest gas pipeline company. CK Infrastructure, CK Asset (1113) and Power Assets (0006) said that the group notes the specific reference in the announcement that the Treasurer's preliminary view reflects the size and significance of the APA Group.
It also said the preliminary view is not an adverse reflection on the CK Group, and the Australian government welcomes CK Group's investment in Australia and its broader contribution to the Australian economy.