"Hastings Diversified Utilities Fund has divested its 38.7 per...

"Hastings Diversified Utilities Fund has divested its 38.7 per cent holding in the UK's South East Water for $A206 million. Analysts at the Commonwealth Bank says the sale makes the fund an easier takeover prospect for would-be suitor APA Group. Hastings management says the sale proceeds could be used for energy infrastructure investments, but 11 per cent shareholder Orbis Australia wants the money returned or used to refinance debt."

A takeover is more likely now.
It could be used on other assets, maybe improving more profitable Aussie assets.
It could be a capital return or special dividend.
It could decrease debt.