Li Ka-shing firms get go ahead to pursue $5.6b bid for Australian power provider

Approval from Duet shareholders is now pending.

DealStreet Asia reported that billionaire Li Ka-shing won the approval of his shareholders to pursue the purchase of Australian power provider Duet Group, paving the way for the Hong Kong tycoon to diversify away from his reliance on Europe. 

The A$7.4 billion ($5.6 billion) bid made by Li’s companies — Cheung Kong Property Holdings Ltd., Cheung Kong Infrastructure Holdings Ltd. and Power Assets Holdings Ltd. — was backed by minority investors at all three companies at shareholder meetings in Hong Kong on Tuesday, the firms said in filings. The transaction also needs approval from Duet shareholders.

View the full report here.