Australia to Block Chinese $9 Billion Energy Takeover Bid

Power lines run across a section near Brisbane, Australia, on Nov. 3, 2009. Households will pay significantly more for their power when a proposed Emissions Trading Scheme is introduced. The Australian government on Nov. 7 warned it intends to block a Hong Kong and Chinese consortium’s 13 billion Australian dollar ($9 billion) takeover bid for an energy infrastructure company because it conflicts with Australia’s national interest. Dave Hunt/AAP Image via AP

CANBERRA—The Australian government on Nov. 7 warned it intends to block a Hong Kong and Chinese consortium’s $9 billion (AU$13 billion) takeover bid for an energy infrastructure company because it conflicts with Australia’s national interest.

The CK Consortium needed approval of Australia’s Foreign Investment Review Board to take over APA Group, which owns more than 27,100 miles of gas pipeline in Australia.