Li Ka-shing's Cheung Kong Bids for Australian Gas Distributor Envestra

Li Ka-shing run Cheung Kong Group has offered to takeover Australian natural gas distribution company Envestra Ltd. (ENV).

The all-cash deal values Envestra at $2.2 billion, ENV said in a statement Friday. Cheung Kong is to offer A$1.32 per share.

Cheung Kong already owns 17.46% of the Australia firm.

Previously, Australia’s biggest natural gas infrastructure company APA Group offered A$1.34 per share based on ENV's closing price on Friday.

Envestra’s natural gas pipeline network runs almost 23,000 km and touches key population centres in Victoria, South Australia and Queensland as well as in smaller centres in New South Wales and the Northern Territory.