November 7, 2018 / 6:15 AM / 6 days ago

Australia treasurer says CK Group's planned APA buy against national interest

MELBOURNE, Nov 7 (Reuters) - Australia’s treasurer said on Wednesday his preliminary view on Hong Kong-based CK Group’s proposed A$13 billion ($9.4 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,” Treasurer Josh Frydenberg said in a statement.

CK Infrastructure Holdings, part of the empire founded by Hong Kong tycoon Li Ka-shing, is leading a consortium bidding for Australia’s biggest gas pipeline company.

APA’s spokesman and CK Infrastructure’s spokesman in Australia were not immediately available for comment. ($1 = 1.3797 Australian dollars) (Reporting by Sonali Paul; Editing by Muralikumar Anantharaman)

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