Sell APA

APA has offered a mixture of shares and equity for full control of Envestra, valuing the entire company at about $1.23 per share. To succeed, the offer needs approval from both regulators and a major offshore shareholder who has, so far, stayed silent on the matter. With APA already holding a 34% stake in Envestra, the deal is more likely than not to go ahead. We have two concerns about the offer. One, it appears contrary to APA’s existing strategy. APA has been buying transmission pipelines for good reason: they are often unregulated, so returns from them can be rather...

APA has offered a mixture of shares and equity for full control of Envestra, valuing the entire company at about $1.23 per share. To succeed, the offer needs approval from both regulators and a major offshore shareholder who has, so far, stayed silent on the matter. With APA already holding a 34% stake in Envestra, the deal is more likely than not to go ahead.

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