Hong Kong tycoon Li offers $5.4b cash for Australian energy firm

He offered A$3 per share for Duet Group.

Bloomberg reported that Hong Kong billionaire Li Ka-shing’s Cheung Kong Infrastructure Holdings Ltd. offered A$7.3 billion ($5.4 billion) in cash for Australia’s Duet Group as it seeks to expand its power and gas pipeline assets.

CKI offered A$3 a share for the infrastructure company -- 28 percent more than Friday’s close -- Sydney-based Duet said Monday in a statement. The company’s board said it’s evaluating the non-binding and conditional offer that pushed its shares to the highest in eight years.

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