November 7, 2018 / 11:12 PM / 10 days ago

Australia's APA Group slumps as govt opposes Hong Kong buyout

SYDNEY, Nov 8 (Reuters) - Shares in Australia’s biggest gas pipeline company APA Group fell 11 percent on Thursday after Australia’s treasurer said he intended to block a buyout by Hong Kong’s CK Group.

Treasurer Josh Frydenberg said after market hours on Wednesday that his preliminary view was that the A$13 billion takeover was against the national interest because it would create a concentration of foreign ownership in the sector.

APA Group shares, which had never traded at the A$11 offer price, fell to A$8.48, an almost five-month low, wiping A$1.2 billion ($873 million) off its market value. The broader market opened higher. ($1 = 1.3749 Australian dollars) (Reporting by Tom Westbrook; editing by Richard Pullin)

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