Billionaire Li Ka-shing’s Cheung Kong Group agreed to acquire Envestra Ltd. in a cash deal that values the Australian natural gas distributor at A$2.4 billion ($2.2 billion), edging out a rival share offer from APA Group.
Cheung Kong Infrastructure Holdings Ltd., the second-largest holder in takeover target Envestra Ltd., signaled its opposition to APA Group’s bid for the rest of the Australian gas distributor, putting the deal in doubt.
Hong Kong’s new leader is taking up the battle his predecessor failed to win, seeking to overcome record low mortgage rates and an influx of Chinese buyers to make housing in the world’s most expensive city more affordable.
HSBC Holdings Plc, Europe’s largest bank, plans to cut about 3,000 jobs over the next three years in Hong Kong, or 13 percent of its staff in the city, as part of global efforts to reduce costs and boost profitability.
Hong Kong would “absolutely” welcome London-based banks HSBC Holdings Plc and Standard Chartered Plc if they decided to move headquarters to the former British territory, according to Chief Executive Donald Tsang.