Australian government clears Cheung Kong Infrastructure acquisition of Duet Group

The Australian Federal Treasurer has approved the takeover of Australian energy network operator Duet Group by a consortium led by Li Ka-shing’s Cheung Kong Infrastructure Holdings.

Duet said in a stock exchange filing that the treasurer “has no objection under the Foreign Acquisition & Takeovers Act” to the proposed takeover by a consortium composed of CKI and two of Mr Li’s other vehicles, Cheung Kong Property Holdings and Power Assets Holdings.

Duet chairman Doug Halley said:

We are pleased that a key condition in relation to the implementation of the proposed acquisition of DUET Group has now been satisfied. The DUET boards believe that the Consortium’s proposal fully recognises the value of DUET’s operating businesses and the platform for future growth that our management team has created.

In March, shareholders at the three companies approved a joint bid of A$7.37bn ($5.57bn) for Duet after the latter’s board of directors accepted the proposal in January.