APA sweetens Envestra bid

Gas infrastructure business looks to take full control of Envestra with $2.2bn bid.

Australia’s largest natural gas infrastructure business APA Group (APA) has launched a bid to take full control of Envestra (ENV), lobbing a sweetened offer valuing the pipeline operator at $2.2 billion.

In a statement to the Australian Securities Exchange, APA, which owns 33% of Envestra, said it had put forward a revised proposal which implies a value of $1.171 per Envestra share.

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