CKI's Bid for APA Group Is Unlikely to Succeed
After further consideration, we now believe the Foreign Investment Review Board, or FIRB, is unlikely to approve the takeover of narrow-moat-rated APA Group by Hong-Kong-based Cheung Kong Infrastructure, or CKI. If the acquisition was allowed, the vast majority of Australia's gas transmission network would be owned by two essentially Chinese firms. This concentration of ownership should make FIRB nervous, despite not wanting to appear averse to foreign investment. Additionally, selling important...APA Group's principal activities are the ownership and operation of energy infrastructure assets and businesses, including energy infrastructure, primarily gas transmission businesses located across Australia; asset management and operations services for the majority of Co.'s energy investments and for third parties; and energy investments in listed and unlisted entities. Co. comprises the following reportable segments: Energy Infrastructure, Asset Management, and Energy Investments.
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