Utilities Shares Fall -- Utilities Roundup

Shares of power producers were lower as investors shifted away from safe havens.

APA Group set a deadline of one week for AusNet Services to allow due diligence access after saying it is willing to trump an existing takeover proposal made by Brookfield Asset Management. APA said it has made a nonbinding proposal to acquire AusNet for 9.96 billion Australian dollars (US$7.22 billion), or A$2.60 a share, using a mix of cash and its own stock.

The implied offer is higher than the A$2.50-a-share proposal made by Brookfield, which AusNet said on Monday that it intends to recommend to shareholders. APA said it initially approached AusNet about a deal worth A$2.32 a share on Sept. 1, and had discussed that offer directly with State Grid of China, AusNet's second-largest shareholder, beforehand.

 Write to Amy Pessetto at [e-mail] 

(END) Dow Jones Newswires

09-21-21 1733ET