Envestra shares soar after takeover bid

Asia’s richest man, Li Ka-shing, lobs bid that would value Envestra at about $2.37bn.

Cheung Kong, the Hong Kong conglomerate owned by Asia’s richest man Li Ka-shing, is seeking to buy the 83% of natural gas distributor Envestra it does not already own, trumping a $2 billion bid by APA Group.

At the 10.15am (AEST) official market open on Friday, Envestra shares were 18.81% higher at $1.3425, against a benchmark index fall of 0.54%.

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