Envestra directors endorse Li Ka-shing's A$2.2B takeover bid

|By:, SA News Editor

Billionaire Li Ka-shing (CHEUY) gains the upper hand in a takeover battle for Australian natural gas distributor Envestra (EVSRF) after the target company's board recommends shareholders accept his A$2.2 bid.

The directors of Envestra, which owns 14K-plus miles of gas distribution networks and ~700 miles of transmission pipelines, earlier had endorsed a bid worth ~A$2B by APA Group (APAJF), a larger rival in Australia’s gas distribution business.

The months-long bidding war comes as Australia's growing appetite for natural gas sparks a feeding frenzy in the country's infrastructure sector.