Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Australia's APA Group complains against AusNet Services in takeover dispute

09/23/2021 | 05:15am EDT

(Reuters) -Australian gas pipeline operator APA Group has approached the government's Takeovers Panel to get peer AusNet Services to scrap an agreement to exclusively engage with Canada's Brookfield Asset Management in a takeover battle.

The move by APA on Thursday comes two days after it raised its offer to A$9.96 billion ($7.22 billion) for the energy infrastructure firm.

The winner of the bidding war will bag the critical Victorian electricity transmission network and related assets owned by AusNet, which counts Singapore Power and State Grid of China as its major shareholders.

APA said it had been unjustly locked out from an opportunity to negotiate with AusNet for at least eight weeks, the duration of the exclusivity period, and sought orders from the panel to terminate the arrangement.

AusNet did not comment as the matter is under investigation by the Takeovers Panel. Brookfield declined to comment.

AusNet said on Tuesday it had rejected a previously undisclosed bid of A$2.32 per share from APA and subsequently granted exclusive due diligence to Brookfield.

The move disappointed APA, which said AusNet knew of an impending revised and potentially superior proposal by the pipeline company.

Analysts at UBS said Brookfield's bid may face scrutiny from the Foreign Investment Review Board on national security grounds because if the proposal goes through, Victoria electricity distribution network would become 100% foreign-owned.

AusNet shares, which have soared more than 30% this week after the bids were made public, closed 2.4% higher on Thursday. APA ended 2% higher.

(Reporting by Riya Sharma and Savyata Mishra in Bengaluru; Editing by Arun Koyyur)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSNET SERVICES LTD 0.00% 2.51 End-of-day quote.43.02%
BROOKFIELD ASSET MANAGEMENT INC. 0.98% 75.46 Delayed Quote.42.02%
Latest news "Economy & Forex"
05:57pUK says substantial differences remain with EU over Northern Ireland trade
05:47pTesla increases model 3 standard range plus price by $2,000 to $43,990 – company website
05:47pTesla increases model y long range by $2,000 to $56,990 – company website
05:47pTesla increases model s long range price by $5000 to $94,990 – company website
05:46pTesla increases model x long range price by $5000 to $104,990 – company website
05:30pUk says talks with eu on northern ireland protocol have been constructive, but substantial gaps remain
05:24pMCX MULTI COMMODITY EXCHANGE OF INDIA : reports Net Profit of 32.66 cr. in Q2 FY21-22
02:55pU.s. cdc reports total novel coronavirus cases of 45,316,210 as of yesterday versus 45,235,796 in previous report on oct 22
02:55pU.S. CDC Reports Total Deaths Of 733,834 Due To Coronavirus As Of Yesterday Versus 731,931 In Previous Report On Oct 22
02:54pU.s. cdc reports total deaths of 733,834 due to coronavirus as of yesterday versus 731,931 in previous report on oct 22
Latest news "Economy & Forex"