Industry News

Treasurer Frydenberg blocks foreign bid for Australian gas pipeline giant

By:NSW ERKH. Date: Tuesday, November 20, 2018.

Treasurer Frydenberg blocks foreign bid for Australian gas pipeline giant

Today Treasurer Hon Josh Frydenberg MP advised the consortium led by CK Asset Holdings Limited (CK Group) of his final decision that its current proposed acquisition of APA Group would be contrary to the national interest.

"I have formed this view on the basis that it would result in a single foreign company group having sole ownership and control over Australia’s most significant gas transmission business."

"I thank CK Group for the way they have engaged constructively, both before and since my preliminary decision," Frydenberg said. 

"My decision is not an adverse reflection on CK Group or the individual companies. CK Group companies are already a substantial investor in Australia’s gas and electricity sectors and a significant provider of infrastructure services that millions of Australians rely upon. The Australian Government welcomes CK Group’s investments in Australia and its broader contribution to the Australian economy."

Frydenberg stated that the Government remains committed to welcoming foreign investment into Australia, acknowledging foreign investment helps support jobs and rising living standards. Australia's foreign investment framework facilitates investment while giving assurance to the Australian community that the investment is being made in a way that does not compromise Australia’s national interest.

"We continue to welcome any foreign investment that is not considered contrary to our national interest," Frydenberg expanded. "As Treasurer I consider each foreign investment proposal on its merits." 

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