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.
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.