Billionaire Li Ka-Shing Reportedly Offers To Buy Australia's Duet

(RTTNews) - Hong Kong billionaire Li Ka-shing's Cheung Kong Infrastructure Holdings Ltd. has offered to buy Duet Group at a premium of about 28 percent in a bid to win control of the Australian infrastructure company's pipeline assets, according to reports citing people familiar with the matter.

The Hong Kong-based company made a conditional offer of A$3 a share for Duet last week, said the people, asking not to be identified as the details are private. The offer values Duet at about A$7.3 billion. The board of the Australian company plans to consider the offer, the reports said.