Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. APA Group
  6. News
  7. Summary
    APA   AU000000APA1

APA GROUP

(APA)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

APA Bids More for AusNet Services, Competing With Brookfield

09/20/2021 | 05:45pm EDT

By David Winning

SYDNEY--APA Group set a deadline of one week for AusNet Services Ltd. to allow due diligence access after saying it's willing to trump an existing takeover proposal made by Brookfield Asset Management Inc.

APA said it has made a non-binding 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 Corp. of China, AusNet's second-largest shareholder, beforehand.

"APA understands that Singapore Power was supportive of APA and AusNet engaging in discussions to determine whether a transaction could be agreed," the company said. Singapore Power owns around a third of AusNet's equity.

According to a regulatory filing, APA said it had told AusNet on Sept. 16 that it intended to make a revised proposal.

"APA is disappointed that AusNet has purported to enter into a period of exclusivity with Brookfield for effectively eight weeks, notwithstanding AusNet's knowledge of the pending revised, and potentially superior proposal, from APA," it said.

APA listed several reasons why it believes the revised proposal is better than Brookfield's bid, including a higher price and the opportunity for AusNet's investors to reap benefits from combining the businesses via its own listing on the Australian Securities Exchange.

"Unlike many OECD countries, Australia lacks a locally owned and controlled energy utility with capabilities across critical energy infrastructure and with the size and strength to partner with government and the community to deliver the energy transition," said APA Chief Executive Rob Wheals.

APA said it expected to raise around A$1.5 billion of new equity to fund a deal if terms can be agreed, and that the capital raising would be underwritten.

"The superior proposal is conditional on, among other things, confirmation by Tuesday, September 28 from AusNet of granting due diligence access, completion of a targeted due diligence review and entry into a satisfactory scheme implementation deed," APA added.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

09-20-21 1945ET

Stocks mentioned in the article
ChangeLast1st jan.
APA GROUP 0.35% 8.55 End-of-day quote.-11.40%
AUSNET SERVICES LTD -0.80% 2.49 End-of-day quote.41.88%
BROOKFIELD ASSET MANAGEMENT INC. 0.13% 76.27 Delayed Quote.43.41%
DJ INDUSTRIAL 0.39% 35874.76 Delayed Quote.16.57%
MSCI SINGAPORE (GDTR) -0.25% 6809.141 Real-time Quote.17.29%
All news about APA GROUP
10/24AUSNET SERVICES : Grants APA Group With Due Diligence Access
MT
10/12APA : welcomes NSW Hydrogen Strategy
PU
10/11WESTSTAR INDUSTRIAL : Secures $18 Million Gas Compressor Station Contract in Western Austr..
MT
09/23Australia's APA Group complains against AusNet Services in takeover dispute
RE
09/22NEWS HIGHLIGHTS : Top Energy News of the Day
DJ
09/21APA : Sweetens Takeover Bid for Ausnet
MT
09/21Morgan Stanley rates AST as Equal-weight
AQ
09/21Morgan Stanley rates APA as Equal-weight
AQ
09/21Utilities Shares Fall -- Utilities Roundup
DJ
09/21GLOBAL MARKETS LIVE : Vivendi, EssilorLuxottica, Compass, StageCoach, Allianz...
More news
Financials
Sales 2022 2 654 M 1 995 M 1 995 M
Net income 2022 310 M 233 M 233 M
Net Debt 2022 9 477 M 7 125 M 7 125 M
P/E ratio 2022 32,3x
Yield 2022 6,20%
Capitalization 9 994 M 7 492 M 7 514 M
EV / Sales 2022 7,34x
EV / Sales 2023 7,14x
Nbr of Employees 2 000
Free-Float 99,8%
Chart APA GROUP
Duration : Period :
APA Group Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends APA GROUP
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 8,55 AUD
Average target price 9,50 AUD
Spread / Average Target 11,1%
EPS Revisions
Managers and Directors
Robert Anthony Wheals Chief Executive Officer, Director & MD
Adam Watson Chief Financial Officer
Michael Anthony Fraser Chairman
Hannah McCaughey Group Executive-Transformation & Technology
Darren Rogers Group Executive Operations
Sector and Competitors
1st jan.Capi. (M$)
APA GROUP-11.40%7 562
NATURGY ENERGY GROUP, S.A.15.72%24 484
CHINA GAS HOLDINGS LIMITED-37.47%13 718
ATMOS ENERGY CORPORATION-1.46%12 320
GAIL INDIA LIMITED20.28%8 773
PETRONAS GAS BERHAD-1.63%8 055