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)