Reuters: Regulatory News: Australia's APA wins regulatory nod for $1.1 bln Hastings bid

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Australia's APA wins regulatory nod for $1.1 bln Hastings bid Jul 19th 2012, 07:50 SYDNEY, July 19 | Thu Jul 19, 2012 3:50am EDT SYDNEY, July 19 (Reuters) - Australian gas distributor APA Group won regulatory approval for its A$1.1 billion ($1.1 billion) hostile bid for rival Hastings Diversified Utilities Fund but still trails a competing bid from a consortium including a Canadian fund manager. The Australian Competition and Consumer Commission said on Thursday it would agree to the takeover after accepting APA's undertaking to sell its Moomba to Adelaide Pipeline System (MAPS). APA offered A$0.50 and 0.326 of its shares for each HDF security in December last year but was trumped in May by a A$1.25 billion bid from Pipeline Partners Australia (PPA), a consortium including fund manager Caisse de depot et placement du Quebec (CDPQ) and Utilities Trust of Australia, a fund managed by HDF's manager Hastings Funds Management. At stake are the two main gas pipelines serving Australia's main onshore gas hub, Moomba, with strong growth prospects from new coal seam gas projects and huge liquefied natural gas export projects at Gladstone in Queensland. APA said it welcomed the ACCC decision and would extend the offer period for its HDF offer while it "considers its options". HDF has recommended the A$2.325 per security offer from PPA in the absence of a higher offer.

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