Envestra shares jump 20 pct after HK's CKI outdoes rival with takeover bid

SYDNEY Thu May 8, 2014 8:28pm EDT

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SYDNEY May 9 (Reuters) - Shares in Australia's Envestra jumped 20 percent to an all-time high after it received an off-market takeover proposal from a consortium including Hong Kong's Cheung Kong Industrial Group.

The A$1.32 a share offer trumps an earlier offer from Australian Pipeline Ltd (APA), which aready owns a third of Envestra, and values the entire company at A$2.37 billion ($2.21 billion).

Envestra was up 18.6 percent at A$1.34 by 0013 GMT. (Reporting by Thuy Ong; Editing by Edwina Gibbs)

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