Companies & Finance

APA ups its offer for rival Aussie gas grid operator

Australian gas grid operator APA Group has upped its hostile takeover bid for rival Hastings Diversified Utilities Fund (HDF) by 25% in an effort to top HDF’s preferred offer from the consortium Pipeline Partners Australia (PPA).
By Sara Stefanini 25 July 2012 0 11068

Australian gas grid operator APA Group has upped its hostile takeover bid for rival Hastings Diversified Utilities Fund (HDF) by 25% in an effort to top HDF’s preferred offer from the consortium Pipeline Partners Australia (PPA).

APA, which has its sights set on HDF’s strategically located pipeline operator Epic Energy, announced on Wednesday that it had raised its offer to approximately A$2.525 ($2.592) per stapled HDF security – up to A$1.33 billion from the previous sum of around A$1.12 billion.

The announcement follows the Australian Competition and...