Citigroup advises Cheung Kong on Envestra bid

Cheung Kong needs only 50 per cent of Envestra’s shareholders to accept its takeover offer but it requires Foreign Investment Review Board Approval and wants to conduct due diligence.

Citigroup is advising Cheung Kong on its takeover bid for gas distributor Envestra which is also the subject of an offer from its biggest shareholder APA, advised by Rothschild, Data Room reporting has discovered.

A group of Cheung Kong companies offered $1.32 a share for Perth-based Envestra, which controls 24,100 kilometres of a network for gas distribution. At 1.58 pm Envestra shares had surged 20.5 cents, or 18 per cent, to $1.335.

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