Australia's Envestra gets takeover bid from Cheung Kong

SYDNEY Thu May 8, 2014 3:45am EDT

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SYDNEY May 8 (Reuters) - Australia's Envestra Ltd said on Thursday it has received a conditional takeover offer from Hong Kong's Cheung Kong Group, valuing the natural gas distributor at A$2.37 billion ($2.21 billion) and trumping an earlier bid from Australian Pipeline Ltd (APA).

Cheung Kong, which currently holds a 17.5 percent stake in Envestra, proposed a cash offer of A$1.32 per share, Envestra said in a statement after the market close.

($1 = 1.0713 Australian dollars) (Reporting by Maggie Lu Yueyang; Editing by Matt Driskill)

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