Hong Kong billionaire Li Ka-shing makes a $7.3 billion bid for Australia's Duet Group

The streets of Hong Kong. Anthony Wallace/AFP/Getty Images

Energy utility Duet Group has received a $7.3 billion takeover offer from Hong Kong billionaire Li Ka-shing’s Cheung Kong Holdings.

The bid is for $3 cash a share, a 27.6% premium to Friday’s close of $2.35.

“The boards of the Duet Group are currently evaluating the proposal and at this time security holders are advised to take no action as there is currently no certainty the Proposal will proceed further,” the company said in a statement to the ASX.

Duet holds energy utility assets valued at $11.1 billion, including the Dampier to Bunbury gas pipeline in Western Australia, United Energy in Victoria and projects in the US and UK

In 2016, it reported underlying profit of $195.2 million, and increase of 150%. Total revenue was up 3% to $1.36 billion.

Cheung Kong has diversified infrastructure investments in energy, transportation and water.

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