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HONG KONG / AP
A group led by Hong Kong billionaire tycoon Li Ka-shing’s infrastructure business said on Monday it is buying Australian energy company Duet in a multibillion dollar deal. Cheung Kong Infrastructure Holdings Ltd. and Li’s property and power utility companies are proposing to buy Duet Group for 3 Australian dollars a share, in an acquisition worth AU$7.4 billion ($5.5 billion). The investment still needs approval from Australian regulators and Duet shareholders, who will also get a special dividend of 3 Australian cents, according to a separate news release from Duet. That makes the terms of the deal slightly more attractive than the initial offer announced in December.