Gas pipeline giant APA Group has turned the takeover interest in AusNet Services into a two-horse race,lobbing a $9.96 billion bid for the power grid owner on Tuesday intended to squeeze out rival suitor Brookfield.
The local bourse ended the session just shy of a new all-time high,as surprisingly strong data out of China helped drive gains.
The gas pipeline giant has recorded an 8.8 per cent increase in net profits and tips rising earnings and dividends for the year ahead.
The prospect of aggressive interest rate cuts saw several local stocks fall with the big miners bucking the trend.
Gas pipeliner APA has announced Rob Wheals as the group’s the new chief executive,replacing founder Mick McCormack who will retire in July.
Company boards are under pressure from financial regulators to ramp up disclosures and take greater action on risks posed by climate change.
Australian gas pipeline monopoly chief Mick McCormack said wind and solar projects built on the grid’s fringes will be ‘dusted’ as he backed'green gas'.
The head of Australia's gas pipeline monopoly has slammed politicians'shortsighted disputes over energy.
The gas pipeline company comes out on top after a year of uncertainty caused by a failed takeover bid and the looming departure of its founder.
Mick McCormack,the founder of gas pipeline monopoly APA,will leave the company in 2019.
Gas pipeliner APA's chief Mick McCormack has called the government's decision to reject Hong Kong-based utility CKI's $13 billion takeover for the company"disappointing".