Delayed government approval could push APA takeover vote into 2019

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Any delays to the International Funding Evaluation Board’s choice on Hong Kong-based CKI’s $13 billion takeover bid for Australian gasoline pipeline firm APA might push a closing sale choice effectively into subsequent yr, APA’s chairman says.

CKI made an all-cash, $11-a-share provide for APA earlier this yr, and the deal has obtained the backing of each the corporate’s board and the Australian Competitors and Client Fee.

APA chairman Michael Fraser said a decision on the sale could be made before the end of the year if a FIRB decision comes within the next fortnight.

APA chairman Michael Fraser stated a choice on the sale may very well be made earlier than the tip of the yr if a FIRB choice comes inside the subsequent fortnight.Credit score:Jim Rice

The final main hurdle now could be the International Funding Evaluation Board, with issues raised that the takeover might doubtlessly be rejected on nationwide safety grounds as it will hand majority possession of Australia’s gasoline pipeline community to a international firm.

APA chairman Michael Fraser stated if FIRB’s choice was to come back inside the subsequent week, shareholders might vote on the deal as early as December, however any delays would push a sale choice into subsequent yr.

“All of it will depend on if and when the Treasurer have been to offer his approval,” Mr Fraser stated.

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