FIRB approves DUET takeover

Chueng Kong Infrastructure (CKI) has received the tick of approval from Treasurer Scott Morrison for its takeover of DUET Group.

The CKI-led consortiums proposed acquisition of 100 per cent of DUET via schemes of arrangement and a trust scheme said the Treasurer’s approval is not subject to any conditions that the Consortium considers to be unacceptable.

“We are pleased that the key condition in relation to the implementation of the proposed acquisition of DUET Group has now been satisfied,” said DUET Chairman Doug Halley.

“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.”

The unsolicited, indicative, incomplete, non-binding and conditional proposal from CKI is to acquire 100 per cent of DUET at $3.00 per stapled security.

Each of the DUET Boards unanimously recommends DUET securityholders vote in favour of the proposal.

DUET owns and operates the 1,596 km Dampier to Bunbury Natural Gas Pipeline (DBNGP) that connects the Carnarvon Basin in Western Australia’s North West Shelf with industrial, commercial and residential customers in Perth and the surrounding region.

Enter your details to subscribe to the free fortnightly Gas Today e-newsletter

Thank you for signing up for the Gas Today Online Update.