APA says Chinese fears influenced takeover rejection

Supposed Chinese influence in CK Group’s bid for APA Group was wrong, according to APA Managing Director Mick McCormack.

Speaking to The Australian, Mr McCormack said the Hong Kong-based consortium, which attempted to purchase the pipeline owner and operator, had been incorrectly labelled as Chinese.

“Very quickly the narrative had even my mother saying to me ‘Mick, why are you selling this thing to the Chinese?’,” he said.

“People out there have equated CKI with some mainland Chinese outfit, which is wrong.”

This week Federal Treasurer Josh Frydenberg officially rejected the takeover bid, saying a foreign group having control of such a significant gas transmission business “would be contrary to national interest”.

APA Group Managing Director Mick McCormack.

Following the rejection of the sale, APA said it’s back to business as usual for the company whose 15,000 km pipeline network equates to approximately 56 per cent of the country’s transmission system.

“I’ve turned back up to work as indeed my team have to get back on the horse and giddy up,” said Mr McCormack.

For more information visit the APA Group website.

If you have company news you would like featured in The Australian Pipeliner contact Assistant Editor David Convery at dconvery@gs-press.com.au.

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