BG Group seeks USD 4bn for Queensland pipeline assets as bidders emerge
BG Group, the British energy company, is seeking bids worth up to USD 4bn for its Queensland pipeline assets as four companies already makng offers and others possible, reported The Business Spectator without identifying sources.
According to the report, suitors are preparing to submit their indicative proposals tomorrow, 28 August with BG looking to finalise the sale this year.
The item stated that Cheung Kong Group, Industry Funds Management, Hastings Funds Management and APA Group are said to be bidding for the assets. Although Cheung Kong is understood to be bidding on its own, the others are joining with other parties to form a consortia. Fund manager AMP is also considered to be involved in the bidding process. Duet Group, the ASX-listed utilities company, has said that it is not interested in the assets. China-based State Grid and Singapore Power are said to have shown interest through their advisors, added the report.
According to the report, a banking source was cited as saying that although some water and power assets are not included in the sale, they could be offloaded in the future.
Business Spectator