APA deal hits snag

APA's bid for Hastings Diversified faces further difficulties, with Hastings to spend $100 million on equipment for a 15-year contract worth $400 million to compress gas for Santos. The contract will add an estimated 2? a share to income per unit annually. The APA bid, launched late last year, is still being scrutinised by the Australian Consumer and Competition Commission, which is concerned about ownership concentration. The contract marks a diversification of activities by Hastings into an ...

APA's bid for Hastings Diversified faces further difficulties, with Hastings to spend $100 million on equipment for a 15-year contract worth $400 million to compress gas for Santos. The contract will add an estimated 2? a share to income per unit annually. The APA bid, launched late last year, is still being scrutinised by the Australian Consumer and Competition Commission, which is concerned about ownership concentration. The contract marks a diversification of activities by Hastings into an adjacent business field, while placing further pressure on APA's unwelcome bid.

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