So you think you're making moves?

[88m3]

Print
Comment
Send this page

25 July 2012 - 08H00

Hong Kong billionaire to buy UK gas company
A consortium led by Asia's richest man Li Ka-shing has agreed to acquire a British gas distribution company for £645 million ($1 billion), the companies said.

AFP - A consortium led by Asia's richest man Li Ka-shing agreed Wednesday to acquire a British gas distribution company for £645 million ($1 billion), the companies said.

Consortium leader Cheung Kong Holdings said it plans to acquire MGN Gas Networks, which owns gas distributer Wales & West Utilities, from investors including Macquarie Global Infrastructure Funds 2 SARL.

Wales & West Utilities supplies 7.4 million customers in Wales and southwestern England with a total length of main gas pipeline of 35,000 kilometres (21,750 miles).

The company represents a "quality investment which would provide long-term steady recurring income contribution", the consortium said in a statement to the Hong Kong stock exchange.

It also reflects Cheung Kong Holdings' "strategy to embrace new growth opportunities through diversification and globalisation".

Cheung Kong -- which already owns or operates infrastructure businesses in Hong Kong, mainland China, the United Kingdom, Australia, New Zealand and Canada -- paid nearly $4 billion to buy one of Britain's biggest water utilities, Northumbrian Water, last year.

The flagship company of Li, who is worth $22 billion according to Forbes magazine, Cheung Kong has invested heavily abroad as it seeks to broaden its earnings base outside Hong Kong.

Hong Kong billionaire to buy UK gas company - FRANCE 24




Pretty hard to fathom

 

[James Worthy]

Wish i had that kind of paper!

 

[the cac mamba]

dude is

 

[Mowgli]

It was destined for the chinese to manage the nwo back in the 90s. Damn its all coming true.

 

[newworldafro]

Chinese just purchased AMC theaters in the U.S..........all the information I'm seeing is saying as the Western world economies and governments seem to be going broke, a fire sale of assets will be available for corporations and foreign entities to buy......

Imagine, the Golden Gate Bridge being officially renamed Twitter bridge (its based in SF), etc...or the local school being named Coca Cola Elementary, with kids wearing uniforms with the Coke emblem......unfortunately these scenarios are becoming more fathomable...

 

[Domingo Halliburton]

only spending a billion on a gas company? can't be that big of a company. relatively speaking of course

 

[Resident Geordie]

Its all down to that scumbag Thatcher selling off public companies on the cheap in the 80s. Most of Britain will celebrate when that bytch finally dies, shame the IRA missed

 

[Vagina Thief]

Chinese just purchased AMC theaters in the U.S..........all the information I'm seeing is saying as the Western world economies and governments seem to be going broke, a fire sale of assets will be available for corporations and foreign entities to buy......

Imagine, the Golden Gate Bridge being officially renamed Twitter bridge (its based in SF), etc...or the local school being named Coca Cola Elementary, with kids wearing uniforms with the Coke emblem......unfortunately these scenarios are becoming more fathomable...

 

[Sinnerman]

 

[88m3]

only spending a billion on a gas company? can't be that big of a company. relatively speaking of course

It's not like the guy bought National Grid but still