Cheung Kong’s Bid for Duet Group Gets Final Approvals; FVE Impact is Minimal
Cheung Kong Infrastructure Holdings, or CKI, and Power Assets Holdings, or PAH, have obtained approval from Australia’s Foreign Investment Review Board for their joint bid for gas pipeline and power distribution company Duet Group. The approval allowed Duet shareholders to meet and formally accept the AUD 7.4 billion bid, in which CKI and PAH will end up with respective 40% and 20% stakes, with the balance going to another group company, CK Property. We estimate that the acquisition will bolster...Power Assets is an investment holding company. Through its subsidiaries, Co. is engaged in investment in power and utility-related businesses. Co. has interests in electricity generation, transmission and distribution, renewable energy and gas distribution. Co. operated three segments: Sales of electricity, which supplies electricity in Hong Kong; Investments, which invests in power and utility-related businesses and is segregated further into four reportable segments (U.K., Australia, Mainland China and Others) on a geographical basis; and all other activities, which represents other activities carried out by Co.
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