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Australia’s largest gas infrastructure business APA Group (ASX:APA) has made a bid for all the shares it does not already own in pipeline owner Hastings Diversified Utilities Fund (ASX:HDF).
APA is offering Hastings 0.326 APA shares and 50 cents cash for every Hastings share, valuing the company at about $1.8 billion.
APA already holds a 20.7 per cent stake in Hastings and says the company’s pipeline assets form a natural fit with its infrastructure asset portfolio.
Separately, APA has announced the sale of its Queensland state gas distribution network to a new investment company.
APA will hold a 20 per cent interest in the new investment company and put $477 million in proceeds to paying down debt and securing control of Hastings.
In the 2011 financial year APA Group reported a net profit of $109 million.
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Last
$7.19 |
Change
0.040(0.56%) |
Mkt cap ! $9.776B | |||
| Open | High | Low | Value | Volume |
| $7.15 | $7.23 | $7.15 | $22.08M | 3.069M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 974 | $7.18 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.19 | 154885 | 6 |
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| Last trade - 16.10pm 26/11/2024 (20 minute delay) ? |
| APA (ASX) Chart |
