Business Services Industry
APA eyes spin-off of power assets.
Australasian Business Intelligence, June, 2007
Byline: Vesna Poljak
Jun 12, 2007 (The Australian Financial Review - ABIX via COMTEX) -- APA Group is working with Macquarie Bank on its bid for National Grid's Basslink cable and could submit a bid in the range of $A1 billion. If that offer is successful, APA could undertake a restructure that ultimately results in the spin-off of more than $A1.5 billion of electricity assets. The new entity would own Basslink, along with MurrayLink and DirectLink. Babcock & Brown and Singapore Power recently won out over Macquarie Bank in the $A8 billion takeover of Alinta. It is thought that working with APA in the new deal could provide Macquarie with a new avenue to boost its exposure to the Australian utilities sector. APA shares closed at $A4.25 on 12 June 2007, after...
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